A Case Study on Helping Senior Citizens with Daily Money Management

case study

Here at Baker DMM, we deal with clients of all shapes and sizes. Our firm appreciates that everyone included senior citizens have different incomes, different obligations and different goals. So while we are happy to welcome people from all backgrounds, we never apply a cookie cutter, one-size-fits all solution.


Senior citizens couple meeting with daily money manager smiling financial managementOne of our major markets is senior citizens. They tend to face unique challenges and have a lot riding on each decision. Recently we had the opportunity to work with a couple who exemplify how our services can make all the difference in the lives of senior citizens and their financial future.


The couple at the center of this story were Atlanta residents in their mid-80s. When they came to us, a major issue they were facing was budgeting. Although they had the requisite capital to live comfortably, organization was an issue. So, in 2013, we helped them put together a budget and stay on top of it.


We also provided them with a number of other helpful services, including bill pay. As they found out, this service is about more than making sure you pay your bills on time. Baker DMM did a bank statement review on their behalf and found that they were regularly being charged overdraft fees because of a simple timing issue related to their deposits.


Over the course of seven months, this couple had been needlessly charged $1,260. Not only did our firm catch the issue so it would stop occurring in the future, but we also worked with the bank to help recover some of those funds for our clients.


This is just one example of how our firm can be employed to help everyday couples make better everyday decisions. We have also been instrumental in helping them smarter decisions with their cash as an alternative to refinancing their mortgage.


About the author – Chris Baker, CPA formed Baker DMM, LLC in 2012 as a full service daily money management firm providing daily money management services to Seniors, Busy Professionals, and Young Adults. Preceding Baker DMM, Chris spent 6 years as a Sarbanes-Oxley Consultant working for fast-growing private and middle market public companies. He can be reached at chris@bakerdmm.com


More information: https://www.bakerdmm.com/our-founder/


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