Money Management Program
What is the money management program?
The Massachusetts Money Management Program serving Cape Cod and the Islands is developed and coordinated by Elder Services of Cape Cod and the Islands, Inc. The Money Management Program is collaboratively sponsored by the Executive Office of Elder Affairs, Mass Home Care and AARP Massachusetts.
The Massachusetts Money Management Program is a free service which assists income eligible seniors, aged sixty and older, who may be at risk of losing their independence due to their failure to pay rent, utility, or other basic bills on time.
Trained, experience volunteers provide in-home money management services to consumers.
There are two levels of assistance:
The Bill Payer assists elders by developing a budget, writing checks, and balancing checkbooks. The consumer makes all the decisions and retains check-signing authority.
The Representative Payee helps elders who are incapable of managing their own finances. This service is similar to Bill Payer assistance, except volunteers are appointed through the Social Security Administration to manage Social Security funds, Supplemental Security Income, and other federal benefits.
Transactions are checked monthly/quarterly by staff and volunteers for both levels of assistance.
How does it work?
This free service is provided to income eligible seniors in their home. The need for money management may be due to limited support, visual impairment, disability or confusion.
Volunteers experienced in financial management are trained according to published guidelines.
After a referral is made to Elder Services, the program manager will meet with the potential consumer in their home to explain the program and obtain the elder's consent to match him/her with a volunteer.
Volunteers and consumers sign an Agreement detailing the services that the volunteer will provide and the consumer's acceptance of the terms.
In the beginning, the volunteer spends several hours a week with the consumer. As progress is made, the meeting may be monthly.
Elder Services monitors the activities of their volunteers and the consumer's account to ensure the security of the consumers' finances. Periodic evaluation of the program by consumers and volunteers helps to keep the program viable.
How can I receive more information?
To inquire if you or someone you know may be eligible for the Money Management Program or If you would like to inquire about becoming a volunteer in the program please call our main number 508-394-4630 or 1-800-244-4630 and ask to speak to the Money Management Program manager.
To make a referral for services, contact our Information and Referral Department at 1-508-394-4630 or 1-800-244-4630, M-F 9am - 5pm.