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Family Resource Management

Personal Finance and Other Family Resource Management

Efforts in this area provide an understanding of how individuals and families obtain and utilize resources of time, money, and human capital to achieve higher standard of living and overall quality of life. This area is also concerned with factors affecting the decision-making process, such as availability of resources, life events, living patterns, values, goals, interests, and attitudes of families, and external forces such as public issues, policies, and programs

Traditionally referred to as personal finance, family resource management (FRM) covers not only personal finance, but also other household resources such as skills, education, time, household members, and household appliances. FRM may be seen as a combined fields of finance and management applied to the household or family organization, instead of a business setting.

Family Resource Management

Family Resource Management

When people ask me what do I do in the university, I'd say that I teach but not to the typical students. The extension (vs. teaching vs. research) effort focuses on applying knowledge and research into practical utilization among the public, including those who are not university students.

Why do we need FRM?

  • Gloomy economic condition.
  • The complex nature of personal finance that encompasses savings, spending, investment, retirement planning, credit cards, and life insurance.
  • High potentials to convert household resources into cost savings, cost efficient, or even profit measures, especially with available programs (e.g. trainings, tax credit, subsidy, scholarship, rebate).
  • Increasing number of resources that may be underutilized such as the internet, e-banking, free, cellphones, and governmental services.
  • Rise in the number of scams and frauds.

Contact FRM Extension Specialist for inquiries or to set up FRM-related program. We provide trainings, clinics, and talks usually at no cost, share expertise, write grants, and connect you to an expert.

NMSU Quick Links

Department of Extension Family and Consumer Sciences
New Mexico State University
940 College Drive,
308 Gerald Thomas Hall
MSC 3AE, P.O. Box 30003, Las Cruce, NM 88003-8003
Phone: 575-646-2253
Fax: 575-646-1889
URL: http://mymoney.nmsu.edu
Comments, questions, suggestions? Please call or e-mail!