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'''Daily [[money]] manager ''' – individual, [[organization]] or computer program, which acts as a personal financial assistant. 

In general DMM take charge and maintain financial operation of the [[customer]]. It is hard to define one segment of the customer on the [[market]] who prefers to use financial services provided by daily money manager.  It might be elderly people, young inexperienced in investing people, freelancers, start uppers or just people with active type of lifestyle who have other fish to fry besides [[planning]] and [[controlling]] their financial operation (L. P. Weston 2012, s. 176).

== Functions of daily money manager ==
'''The main tasks of the daily money manager are'''(S. Hoffman 2015, s.31):
* paying monthly bills
* preparing a budget
* [[organizing]] financial records
* accumulating and setting right mail
* keeping all the necessary [[documentation]]
* getting done records for income tax preparation
* helping with tax records
* planning checkbooks
* interpreting medical bills 
* [[negotiation]] with creditors
* negotiating with [[service]] provider about bills and bill payment
* notarizing documents
* [[management]] of payroll payments
* assistance in health care 

It might also be another task which [[needs]] fiduciary capacity. Important thing to remember is that daily money manager is not only the person who is helping with financial operation, but it also might be an organization, which workers have the legal right to represent their clients in various financial institutions. 

'''For example, some organizations of this type are''': 
* The American Association of Daily Money Managers
* Eldercare Locator
* The American Association of Retired Persons
* Khan Academy
* National Center on Elder Abuse
* United Kingdom Center for Policy on Ageing
* Personal Finance [[Education]] Center

==Key features of a daily money manager==
'''The main skills required for this position are '''(''[https://targetjobs.co.uk/careers-advice/job-descriptions/280595-management-accountant-job-description Management accountant: job description ]'', 2019)''':'''
* good oral and written [[communication]] skills
* excellent analytical abilities
* superior numerical abilities
* competence in working as a team player
* advanced level of business [[knowledge]]
* valuable [[efficiency]] and paying attention to details

==Choosing the right one daily money manager==
One of the essential admonition is that daily money manager is one of the newest careers on the market. Due to this fact, their [[work]] is not regulated by federal agencies yet. Some of the organization has their own code on ethics, but still not all of them because it is not required by law. The role of the daily money manager is quite similar to the role of financial lawyer, banker or accountant. On the other hand, it is not the same role, and it is one of the main conditions the customer should remember about  (S. Hoffman 2015, s.33). 

'''As a result of it, here are some questions, you should ask specialist before hiring her or him as your daily money manager:'''
# Do you know your fiduciary responsibility?
# Do you have regulation to be sign by customer which includes what happens if bills are not paid on time?
# Do you have security measures to protect customer's personal data, such as bank account numbers, and others?
# Do you communicate with customer to let them know about all of the documents which are required to get the job done without wasting extra time? 
# Do you have free of pay consultation?
# Do you have overall [[fee structure]]?
# Do you have any professional certifications?
# Do you share any contact [[information]] of your previous customers?
# Do you have a [[plan]] how usually communication with customer will be?
# Do you have a plan how will communication with customer look like?
# Do you have hourly rate? 

==Who needs daily money manager?==
There is no prohibition of who can use services offered by daily money manager, but still there are some segments of the costumers on the market, who are more likely to use such a favor.

Elderly people are the bigest group of dmm clients. Entirely of specialist working with seniors confirmed that it is common for people this age category to lose cash or check as well as to forget to pay bills or taxes on time.

The mentally or physically disabled person are often using daily money manager services.  One of the essential reasons is that not all guardians have time and knowledge required to run financial affairs of the patient. 

Young inexperienced in investing people are applying for dmm services also because they not always can afford lawyer services or accountant services at the same time. 

==Computer and mobile applications==
Nowadays thanks to development of information [[technology]] there are a lot of computer programs and mobile applications. In addition to that personal finance was always interesting topic for all age category of customer.  These types of programs make it more easy to use daily money manager function. First of all [[client]] does not [[need]] to leave his or her own house. Secondly you do not need to have face to face or even any contact with other people – often it might be stopping factor for some individuals. Thirdly the biggest parts of applications like those are customer focused, which makes their interface easy to understand. 

'''The most popular programs for Android are:'''
* Money Manager Expends and Budget
* Monefy
* 1Money
* ClevMoney
* QuickBooks Accounting + Invoices

==Examples of Daily money manager==
* '''Personal Financial Advisor''': A personal financial advisor is a professional who provides financial advice and services to individuals, businesses, and organizations. They help their clients to create and manage their financial plans and [[investments]]. They may also provide advice on retirement planning, estate planning, and tax planning.
* '''Financial Planner''': A [[financial planner]] is a professional who specializes in helping individuals and businesses achieve their financial goals. They typically provide advice on investments, [[insurance]], taxes, retirement planning, and estate planning.
* '''Robo-Advisor''': A robo-advisor is a computer program or [[algorithm]] that provides automated financial advice. They use algorithms to analyze an individual's financial data and provide recommendations on investments and other financial topics.
* '''[[Investment]] Manager''': An investment manager is a professional who helps manage a portfolio of investments. They typically provide advice on how to invest money and help to manage the risks associated with investments. They may also provide advice on retirement planning and tax planning.
* '''Stockbroker''': A stockbroker is a professional who helps individuals and businesses buy and sell stocks and other securities. They typically provide advice on which stocks and other securities to buy and sell and help to manage the risks associated with investments.
* '''Financial Software''': Financial software is a computer program that helps individuals and businesses to manage their finances. It typically includes features such as budgeting, tracking investments, and managing taxes.

==Advantages of Daily money manager==
A daily money manager is a great way to keep track of your finances. Here are some advantages of using one:
* Time Saving - A daily money manager helps to simplify and streamline your financial tasks, saving you time and energy.
* Organization - A daily money manager allows you to keep track of all your finances in one place, so you don’t have to worry about forgetting any important details.
* Unbiased Advice - A professional daily money manager is not biased towards any particular financial [[product]], so you can be sure you’re making the best decision for your finances.
* Expertise - A daily money manager has the knowledge and expertise to help you make the most of your money. They can help you figure out the best investments and savings plans for your financial goals.
* Tax Planning - A daily money manager can help you plan and prepare for tax season, so you don't miss any important deductions or credits.

==Limitations of Daily money manager==
A daily money manager can be an invaluable [[resource]] for managing one's finances, but there are a few limitations to consider.  These include:
* Security risks – A daily money manager is only as secure as the platform it is run on. If the platform is not secure, the user's data is at [[risk]] of being stolen or hacked.
* Limited services – A daily money manager may not provide the full range of services that a professional financial advisor or accountant can provide.
* Costs – A daily money manager may come with a fee, which can make it a less affordable [[option]] than a free [[financial management]] solution.
* Limited customization – A daily money manager may not be able to provide the same level of customization offered by a professional financial advisor or accountant.
* Limited access – A daily money manager may not be able to provide access to all of the accounts and assets it manages, which can limit the user's ability to make informed decisions with their money.

==Other approaches related to Daily money manager==
A daily money manager is an individual, organization, or computer program that acts as a personal financial assistant. In addition to providing budgeting and financial advice, there are other approaches a daily money manager can take to assist their client in managing finances: 
* Tax planning – A daily money manager can help their client prepare for taxation by providing advice on tax planning. This may include advice on what deductions are available, how to reduce taxable income, and other strategies to maximize tax savings.
* Retirement planning – A daily money manager can provide guidance on how to best prepare for retirement. This may include advice on how to save, investing in different assets, and how to plan for the future.
* Investment management – A daily money manager can provide advice on how to invest money to generate long-term returns. This may include advice on how to diversify investments, how to manage risk, and how to identify and take advantage of investment opportunities.
* Debt management – A daily money manager can provide guidance on how to manage and pay off debt. This may include advice on how to budget, how to prioritize payments, and how to negotiate with creditors.

In summary, a daily money manager can provide a range of services from budgeting and financial advice to more advanced strategies such as tax planning, retirement planning, investment management, and debt management.

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==References==
* Hoffman S. (2015). ''[https://books.google.pl/books?id=V-VjCAAAQBAJ&pg=PA132&dq=daily+money+management&hl=pl&sa=X&ved=0ahUKEwiDv9LZ447hAhXioYsKHTqCBfoQ6AEINzAC#v=onepage&q=daily%20money%20management&f=false  Aging With a Plan: How a Little Thought Today can Vasty Improve Your Tomorrow ]'' , Praeger, ss. 31 – 33
* Jaffe Ch. (2001). ''[https://books.google.pl/books?id=_EozftkSGrkC&pg=PT3&dq=The+Right+Way+to+Hire+Financial+Help&hl=uk&sa=X&ved=0ahUKEwickOOI6Y7hAhUGpIsKHbUFC6oQ6AEIKTAA#v=onepage&q=daily%20money%20manager&f=false  The Right Way to Hire Financial Help: A Complete Guide to Choosing and Managing ]'', MIT Press Ltd, s. 116.
* Weston L. P. (2012).  ''[https://books.google.pl/books?id=zHh697cYonQC&pg=PT164&dq=daily+money+management&hl=pl&sa=X&ved=0ahUKEwiDv9LZ447hAhXioYsKHTqCBfoQ6AEILzAB#v=onepage&q&f=false  There Are No Dumb Questions About Money: Answers and Advice to help You make the Most of Your Finances]'', FT Press, ss. 176-177.
* ''[https://targetjobs.co.uk/careers-advice/job-descriptions/280595-management-accountant-job-description Management accountant: job description ]'', 2019.'''

{{a|Olha Slyuzar }}
[[Category:Financial management]]