How Can A Daily Money Manager Help You?
It’s probably best to start with, “what is a daily money manager (DMM)?” I’ll answer that question for the services provided by JB WAGG INC only, as there are many service providers who may provide broader or more focused services. And I’d also like to start by describing what JB WAGG INC is not! We are not CPAs or accountants, we are not stock brokers, or attorneys or insurance agents, nor are we medical professionals or social service professionals. However, our DMMs work with all of these professionals, and many others, to help you achieve your desired goals.
At JB WAGG INC, we are here to relieve the headaches caused by “a stack of bills.” Our DMMs focus on the daily tasks of money management - paying your bills, helping you gather documents for tax season, balancing your checkbook, and helping you understand confusing medical bills, insurance statements and offers, and even helping you decide which credit card offer may be best for your particular circumstances.
To give you an example, one of our clients recently received an offer for dental insurance in the mail, and because her medical insurance does not cover dental services, she was interested in the offer, and asked us to evaluate it and give her some advice. The insurance premium was $50 per month, you could go see any dentist you like, and the coverage had strict time and service limits. For example, tooth extractions were covered only after having the coverage in effect for a year (dental exam coverage started right away), and the insurance would pay “up to” $200 for this procedure.
Our client had recently had a tooth extraction (another reason for her interest in the offer), and therefore knew that her dentist charged $800 for this procedure. Therefore, even if the insurance paid the maximum amount of $200, she would still be left with $600 in out-of-pocket costs. And because the coverage would only start after a year’s worth of premium payments, this would be her out-of-pocket cost after having spent $600 for the insurance (12 months of premiums at $50 each)!
We told her she’d be better off putting her money in a coffee can! That way, after a year she’d have $600 saved up for another tooth extraction (if needed), or anything else that she desired. If she bought the insurance, her cost after a year for the tooth extraction would be $600 (insurance premium) + $800 (procedure cost) - $200 (insurance payout) for a grand total of $1,200. With the “coffee can” approach, her cost would be $800, paid for with her $600 in savings, and only $200 additional out-of-pocket. Total savings without insurance was a whopping $400!
Figuring this stuff out on your own can be difficult. The good news is, you’re not alone! These are the kinds of questions that JB WAGG INC Daily Money Managers help answer for our clients, every day. As mentioned above, we are certified by the American Association of Daily Money Managers (AADMM), and if you would like help with this or other matters related to daily money management, send me an email at email@example.com. We would be happy to help you!