LAS VEGAS (KTNV) — With the cost of everyday essentials putting pressure on household budgets, families are looking for new ways to make the money they already earn go further.
One approach gaining attention on social media is called “money maxxing.”
The term puts a new spin on traditional personal finance strategies. The basic idea is to make every dollar work as efficiently as possible, whether that means spending more strategically, taking advantage of available rewards or finding ways to build assets, without necessarily relying on a bigger paycheck.
For moms managing the day-to-day expenses of a household, local mom and podcaster Elli Ezra says the conversation needs to go beyond simply telling families to budget.
“I think it's hard to tell mothers to budget. Gas is gas, groceries is groceries,” Ezra said. “So what I like to talk about is to spend smart and to acquire assets.”
Ezra said spending smart can include taking advantage of tools that are already available to consumers, including credit card or debit card rewards.
Her message also focuses on taking some of the guilt out of conversations about money, especially when families are confronting expenses they cannot simply eliminate.
“I think sort of taking shame and guilt away, things are expensive,” Ezra said. “It's not just about get out of debt. That's not what the wealthy do. That's not how they think. They leverage their assets to help them, and that is what I try to bring to the table with Mom's Money Talk.”
Making your household finances work smarter
While “money maxxing” may be a newer social media term, many of the ideas behind it are familiar: paying closer attention to where money goes, looking for ways to get more value from necessary spending and thinking about finances beyond simply cutting expenses.
For families already feeling squeezed, the appeal is straightforward: Instead of focusing only on what they have to give up, the strategy encourages them to look at how they can use the money and financial tools they already have more effectively.
Ezra shares more of her approach to becoming the “chief financial officer” of your household through her podcast, “Mom's Money Talk.” She can also be found on Instagram at @momsmoneypod.
