Behind The Scenes With Money Management

Moola, Dough, Cash-ola. Whatever we call it and whether we’ve got a lot or a little, money needs to be managed. Unfortunately but understandably, some elders have trouble managing their own finances and don’t know where to turn for help. Enter Larry Poirier, MVES Money Management Coordinator. We recently spoke with Larry, who filled us in about the Money Management Program.

Larry Poirier will be holding training sessions for the newest Money Management volunteers within the next month.

Editor: Can you give an overview of the Money Management Program?

Poirier: The Money Management Program is a basic financial program for low-income seniors. Sometimes elders can become overwhelmed with accumulating mail and as a result they might let their bills slip. We pair these elders with trained and insured volunteers who visit the elders monthly to provide help with things like balancing their checkbook, paying bills, managing debt, and working out a budget.

The volunteers help the elders to organize statements and bills, but the elders maintain control of their finances. There’s such a huge need for a no-cost service like this for elders.

Editor: How is the program growing?

Poirier: Over the last year, the number of clients has increased by about 30 percent while volunteer participation has grown by about 40 percent. We currently have 49 volunteers assisting 53 clients. My immediate goal is to have 60 clients and 60 volunteers. Ideally, we’d have a one-on-one match of clients and volunteers.

Editor: Where do you see Money Management in five years?

Poirier: In five years, I’d like to see the program grow by 50-60 percent.

Editor: What’s on your to-do list?

Poirier: Over the summer I recruited several new volunteers so I’ll be conducting a training session for them soon. I’m also in the process of meeting with six or seven new potential clients and then I’ll be matching them up with volunteers within the next month.

Editor: What is your favorite part of being Money Management Coordinator?

Poirier: Without a doubt, my favorite part is going out on home visits to meet with clients or potential clients. Working with the Money Management clients is fun. They’re often already familiar with MVES and are really grateful for the services they receive from us. It’s rewarding for me, and for the volunteers, to feel that we’re making a significant difference in the quality of life of our clients.

Editor: How do you get the word out about the program?

Poirier: I visit local Councils on Aging and senior housing sites to give presentations about the Money Management Program. I’ve also developed relationships with area banks and local businesses, which have helped fund the program and also have provided new volunteers. The current Money Management volunteers are always spreading the word about the program too.

Editor: What advice would you give to an older adult who is struggling with his or her finances?

Poirier: I’d tell them to contact MVES to find out more about the Money Management Program. If you’re struggling with your finances, the key is to get help. Some people really need assistance, but are afraid to ask for it. I want to ensure the people who are hesitant that getting help isn’t a sign of weakness. You won’t give up control of your finances—you’ll just be provided with friendly assistance.