
Family Resource Management
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The importance of the development of knowledge and skills in financial and resource
management cannot be understated. Limited-resource families, small and limited-resource
farmers, minorities and others can benefit from educational programs designed to increase
their skill and confidence in securing financial stability. Cooperative Extension
personnel have the training and experience to assist individuals and families in better
managing their financial situation through educational programs that are designed
to reduce poverty and promote self-sufficiency. While no program can make an inadequate
income adequate, educational efforts provide training and financial management strategies
that work in households with low and volatile incomes and ultimately help families
feel greater control over their financial situation. Both rural and urban low-income
families face monumental challenges with regard to becoming financially stable, such
as unemployment, underemployment, volatile incomes, credit and debt management, high
cost credit (i.e. payday loans), poor consumer decision making processes, competing
financial priorities, uncertainty due to the cost of health care and health insurance,
and, very often, inadequate income and resources. Extension programs work with consumers
to help them use best practices to move toward financial stability.