Financial literacy was something Kelsie Bernard heard about growing up, now she teaches others on social media about credit and finances.
MEMPHIS, Tenn. — A new money trend is taking over social media, encouraging people to take a closer look at how they spend, save and invest their money.
It’s called “MoneyMaxxing,” and the idea is simple: Get the most out of the money you already have.
For Memphis mom, entrepreneur and content creator Kelsie Bernard, the concept grew out of her own financial struggles and desire to build a better financial future for her family.
“Once I began to talk more about it and people began to message me, I was like, ‘Wow!’ There’s a lot of people who are having a tough time saving. They’re having a tough time with credit,” Bernard said. “I’m not alone.”
Financial literacy was something Bernard heard about growing up, but she said becoming a mother gave her a new motivation to put those lessons into practice.
“I have this little baby. We’re going to need money. He’s going to need money, so it just an automatic kick into gear,” she said.
Now, Bernard uses her social media platform to help others work through credit, finances and difficult financial situations.
“The number one thing is, you’re not bad with money. You just were never taught,” Bernard said.
MoneyMaxxing focuses on making intentional choices with the money you already have rather than simply trying to earn more.
Nate Mayer, an associate adviser with Envision Financial Planning, describes it as spending on what matters most while cutting back on expenses that provide less value.
“It’s about spending on what matters most to you and cutting back on what doesn’t,” Mayer said.
The approach comes as many Americans continue to face financial pressure.
The Federal Reserve has reported that 63% of adults could cover a $400 emergency expense using cash or its equivalent. That means more than one-third of adults would have to rely on another source of money to cover the cost.
For people looking to free up money in their budgets, Mayer recommends starting with expenses that are easiest to eliminate.
That could include unused streaming or other subscriptions, frequent restaurant meals or other purchases that don’t provide enough value to justify the cost.
“One small change might not seem like a lot at the beginning, but that can start compounding and really add up over time,” Mayer said.
Paying down high-interest debt
For people carrying high-interest credit card debt, Mayer said paying it down should be a priority.
“If you have high-interest debt, that should be your number one priority. Paying that down,” he said.
Consumers do not necessarily have to overhaul their entire financial lives at once. Instead, Mayer recommends making manageable changes and building on them over time.
Automating savings and debt payments can also help. Setting up automatic transfers or payments means people don’t have to rely on willpower to make the right financial decision each month.
For Bernard, MoneyMaxxing is about more than finding a few extra dollars in her budget.
It’s about investing in her family and her future — and making every dollar count.