How can family economics be managed and the financial aspect within the family be dealt with?

Family economics and financial dealings, both within and outside the family, are based on moderation in spending and avoiding extravagance and stinginess. This is affirmed by verses and hadiths, such as the Almighty's saying: "And those who, when they spend, do not squander nor are stingy, but are ever between that [a just balance]," and the Prophet's (peace be upon him) saying: "Frugality is half of living." Thus, the praiseworthy approach is moderation between miserliness and extravagance.