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Clifton Herndon, 90, said that working with a daily money manager was a game changer. Herndon, of Palo Alto, Calif., hired Salisbury in 2010, after her husband died of Alzheimer's
disease. "I was going crazy figuring out who gets what and when," Herndon recalls. "And then Alison came on board and life smoothed out. It made a great deal of difference to
me." Getting help managing daily financial tasks doesn't mean giving up control. In fact, it's intended to be just the opposite and can help an aging person extend control.
Many retired individuals who work with DMMs find that it helps them continue to live independently. Herndon, who typically depends on Salisbury's services for one or two hours a week,
agrees: "She keeps track of my bank account and other things I've asked her to do. It makes living independently possible." "Most people appreciate just knowing there is
another set of eyes," says Barbara Boustead, a DMM in Madison, Wis. "They say it's peace of mind that I'm coming and taking care of things." Boustead, a former
licensed clinical social worker with 40 years' experience, launched her DMM business, Mary's Daughter, at age 60, after meticulously organizing her mother's medical, legal and
financial documents. "People started referring me by calling me Mary's daughter. So I asked my mom if I could use the name," she explains. In addition to working with older
individuals, Boustead provides services to veterans. WHAT CAN YOU EXPECT TO PAY? Depending on where you live and the type of services offered, a DMM could cost $75 to $150 an hour. Some
charge a monthly retainer instead of an hourly fee. These experts contend that they pay for themselves by saving their clients money and keeping an eye on their budget. "A DMM may ask
questions like, 'Why are you paying for cable and a phone you don't use?' " Boustead says. "I may call and cut the service or negotiate a rate reduction on their
behalf. Double-billed for medication? I'll get on that right away." There are also unexpected benefits. Along with helping clients get taxes paid on time, balancing their
checkbooks or flagging a forgotten life insurance policy, DMMs like Boustead and Salisbury notice if something seems off. "I am the eyes and ears," Boustead says. She says she can
spot if "Mom hasn't been taking medication or she needs someone to come in and help out during the day."