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As consumers look for ways to strengthen their financial footing<\/a>, a new trend is gaining steam on social media<\/a> \u2014 and, for once, it doesn’t involve buying anything. <\/p>\n “Moneymaxxing<\/a>,” a movement aimed at financial improvement, encourages people to maximize their budgets by trimming recurring expenses, redeeming rewards points \u2014 a related trend known as “pointsmaxxing” \u2014 and stashing extra cash in a high\u2011yield savings account. <\/p>\n It’s the latest iteration of the viral “maxxing” trend: see vacationmaxxing to make the most of paid time off, sleepmaxxing to optimize rest and even fibermaxxing, the term for loading up on fiber-rich food. <\/p>\n “Moneymaxxing is now about getting the absolute most out of your money by being proactive, resourceful, and creative to achieve a life of abundance,” said Winnie Sun<\/a>, co-founder and managing director of Sun Group Wealth Partners, based in Irvine, California. It’s a “cultural shift,” Sun said, one that’s “not about living with less, but rather it’s about seeking more for yourself.”<\/p>\n<\/div>\n Moneymaxxing is “frugality made cool again \u2014 I love it,” said Brad Klontz, a Boulder, Colorado-based psychologist and certified financial planner.<\/p>\n “It’s better than credit-card maxxing, which is what we’ve been doing for way too long,” said Klontz, who is also managing principal of YMW Advisors and a member of CNBC’s\u00a0Financial Advisor Council<\/a>.<\/p>\n Americans have been racking up more and more\u00a0credit card debt<\/a>. Credit card balances increased 4.4% year over year to a collective $1.14 trillion, according to a new,\u00a0quarterly credit industry\u00a0insights report\u00a0from TransUnion. The average balance per consumer now stands at $6,610, also up 2.1% year over year.<\/p>\n<\/div>\n‘Frugality made cool again’<\/h2>\n