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New Mexico State University

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.

Dr. Fahzy Abdul-Rahman, Personal Finance Specialist

Dr. Fahzy Abdul-Rahman
Family Resource Management Specialist

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.

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Home Affordable Refinance Program (HARP)

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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.

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Past News: NMSU Extension to host financial management workshop for women

Date: 2012-04-09

ALBUQUERQUE, N.M. – Financial management skills are necessary to have in the best of times; they are crucial during periods of economic uncertainty like the present – and they are especially crucial for women.

Women in New Mexico earn 81 percent of what men earn, according to the U.S. Bureau of Labor Statistics. Fewer women have jobs with pension plans – 33 percent compared to 55 percent of men. Women live an average of seven years longer than men. Two-thirds of Americans over 55 living in poverty are women. Of the elderly poor, 75 percent are women, and of those, 80 percent were not poor before they were widowed.

To help women manage their finances better, New Mexico State University Cooperative Extension Service in the Albuquerque Metroplex is offering "Financial Management for Women" on Saturday, April 28, at the Bernalillo County Extension 4-H Center, 1510 Menaul NW, Albuquerque. The free workshop will be from 9 a.m.–noon. Read more.

M. Fahzy Abdul-Rahman
Coorporative Extension Service,
College of Agricultural and Environmental Sciences,
Department of Extension Family and Consumer Sciences,
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!