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.
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 use among the public, including those who are not university students.
2018 Tax Law Changes: How the New Tax Law Affects You
Now that lawmakers have passed a new tax plan, many are left wondering how the new plan will affect them. Below are some of the main takeaways to help you understand some of the changes and what they mean for you.
What's happening to the standard deduction?
It's roughly doubling -- from $6,350 to $12,000 for individuals, and from $12,700 to $24,000 for married couples filing jointly. Because of this, more people will take the standard deduction and fewer will itemize.
What does the bill do to the child tax credit?
The child tax credit is doubling -- from $1,000 to $2,000, with an increase for the refundable portion of the child tax credit to $1,400. This is great news for families with children and means a lot more money back in their pocket.
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Identity Theft Protection Following the Equifax Breach
Steps you can take to protect your personal information from being misused:
Credit experts recommend getting a FREE copy of your credit reports from AnnualCreditReport.com. You can use the website or call (1-877-322-8228) to request and review your free report.
Find out if your information may have been exposed. You can do this by entering your last name and the last six digits of your Social Security number at Equifax's website. The site will tell you if you've been affected by the data breach - Find out if your information may have been exposed. You can do this by entering your last name and the last six digits of your Social Security number at Equifax's website. The site will tell you if you've been affected by the data breach - https://www.equifaxsecurity2017.com/potential-impact/.
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Why Do We Need FRM?
- Improve quality of life.
- Be prepared and empowered to navigate the complex nature of personal finance that encompasses savings, spending, investment, retirement planning, credit cards, insurance, and estate planning.
- 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.
- Make decisions according to values in order to reach life goals.
- Improve family relationships.
- Empowered to be debt free, have sufficient savings and investments and leave a legacy.
NMSU's Quick Links
Family Resource Management PublicationsNMSU publication listing
Family Resource CenterA family-centered facility for NMSU and DACC families. Services provided include Reading and Literacy Program, Afterschool Program, and marriage & family therapy.
Community Resources and Economic DevelopmentResource management and development at community level.
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.
Bryce Jorgensen, PhD, AFC
Family Resource Management Specialist