Tag: financial health

Financial New Year’s Resolutions

dollar-163473_640Did you make New Year’s resolutions this year? Were they related to your financial health and well-being? As we finish up the first month of 2015, many of us seem to have abandoned our resolutions, but that doesn’t mean you can’t reinstate those resolutions, and secure a healthier financial life. Here are some helpful ways to keep your financial resolutions in the New Year:

  • Set specific, measureable, realistic, and attainable goals! Creating a broad goal like paying off all debt, or just simply saving money is a recipe for failure. Making goals like saving $200 per month or $5,000 this year are more attainable and easier to maintain.
  • It’s important to figure out how much you can actually save per month. Calculate your monthly costs and income to figure out a number that you can put away and still be able to live day to day.
  • Revisit your goals often and adjust as needed. Every so often, it’s important to take a step back and see how you’ve been doing with meeting and maintaining your goals. It’s important to adjust your goals as needed, to ensure you can actually reach them.
  • Review things like your 401(k), meet with a CPA, and review retirement plan contributions to help ensure a financially healthier life beyond the New Year. There might be things you can be doing that will help you save more money.

When you’re in need of financial guidance, visit the premier CPA in Hawaii! Request an appointment with Michael J. Yuda, CPA, LLC in Honolulu, Hawaii today!

Money School – Teaching Kids to Manage Finances

Father training the son to the financeMoney management skills are vital to success in life. The best time to cultivate these skills is during childhood and adolescence, but (unremarkably so) public schools are virtually void of personal finance classes. This means that it is up to parents and guardians to instill this knowledge in future generations.


As your CPA in Hawaii, we suggest you take charge of your child’s knowledge by making continued efforts that support the principles of money management. To start, think of ways you can demonstrate and allow your little savers to experience:


  1. Waiting for things they want
  2. Making decisions on what they can have
  3. Saving for the things they want
  4. Spending based on the funds they have


Learning to wait for what we want and how to choose what is most important are the foundation of savings. The child who learns these lessons early, perhaps picking out a toy and saving for it, is better equipped to handle more difficult financial decisions in the future.


Piggy banks are a classic tool for teaching money management. Today, these tools have plugs in the bottom, so you don’t have to break them to get money out. That sounds like a lesson credit card companies want kids to learn—just taking it when you want it.


Don’t let your children lose sight of what is most important. Instead of one, set up two banks. Label the first savings and the second one spending. When your little financier or adolescent investor earns income, help them divide it into the two banks. Then, let them manage both, making decisions, learning to wait, and effectively manage their hard money.

Is Saving for Retirement Important?

Jar of coinsWhile skimming through financial articles, we ran across the Fifth Annual Wells Fargo Middle-Class Retirement Study. Most of the statistics this study shows are more or less expected. It reports that, of those surveyed:


  1. 34% are not saving for retirement
  2. 19% have no retirement savings
  3. 68% find saving for retirement harder than expected
  4. 61% say they are not making sacrifices to save for retirement


Though we advise and want people to retire securely, we understand the difficulties. What really caught our eyes though was this statistic: 22% would prefer to die early than run out of money. As your dedicated CPA in Hawaii, this hit us hard. Traveling through retirement comfortably is important, but it isn’t as important as living. Moreover, you can do both.


If you have yet to start your retirement plan, start it. You can start small and work your way up. The important thing is that you start a plan. The earlier you begin, the easier it will be. If you are worried, rest assured you are not alone. According to the study, 48% of non-retirees surveyed are not confident their savings are enough to retire.


Do what you can now to remove or further remove yourself from the negative portion of these statistics. Call an expert when you need help. If you would like to discuss this issue any further, please let us know.

4 Easy Steps to Develop Good Spending and Saving Habits

medical costNot everyone can easily save money and create a personal budget; this is of course why some seek out a CPA in Hawaii. However, there are 4 easy tricks that can help you start developing better spending and saving habits.

  1. Know your expenses! It’s important to spend time to assess where the bulk of your savings go. Expenses such as rent/mortgage, utilities, and other important payments should be factored into your budget first.  Things like entertainment should be a second thought.
  2. Save until it’s safe to splurge. The more cash you have stowed away, the quicker it is for you to recover once you succumb to a splurge. Never live beyond your means! It’s important to have a good savings foundation built before spending money on things that don’t exactly fit into your budget.
  3. Resist upgrades! This is not only reserved for the newest gadgets and gizmos, but for everything! Essentially, what we mean is, don’t spend money on any new version of something that you have that works fine.
  4. Calculate nominal costs! Get into the habit of calculating nominal costs of reoccurring expenses. Before you sign up for a subscription service, figure out how much that will actually cost over the year, maybe over the next 5 years, and so on. Not committing to these can actually save you a load of cash in the long-run.

Summer Special

92001457_scaled_154x210Here at Michael J. Yuda, CPA, LLC, we’re extremely excited to announce our Summer Special. What exactly does it all mean? For a limited time, we will be offering a FREE 30 minute consultation for new clients. This exciting special is just another way to heat up your summer and get yourself down the path to better financial health. Michael J. Yuda is a premier CPA in Hawaii and offers a slew of services to help you make wise financial decisions. Yuda is here to help you manage your tax, accounting, QuickBooks, and other bookkeeping matters.

If you’re interested in benefiting from a free 30 minute consultation, please contact us today to schedule an appointment. Our firm can help manage your business or personal finances with the necessary technical experience and expertise to succeed. When you choose Michael J. Yuda, CPA, LLC, you’re getting personal, reliable, professional and trustworthy service–guaranteed. Take advantage of our amazing summer special today, and get 30 minutes of free consulting from the premier CPA in Hawaii. We firmly believe that your success is our success, and are committed to helping you.

To learn more about our services and to schedule your free consultation visit our website today! We’re looking forward to help you handle your finances.

Why You Need An Accountant For Your Business

CPA - Golden Key.It should seem like a no-brainer that when beginning a new business venture you also need the expertise of an accountant and lawyer to ensure you are doing things properly. Legalese is like a foreign language and ensuring you pay your taxes and stay out of trouble should top your list of priorities.

However, aside from those obvious reasons, there are many more circumstances in which you will need the assistance of an accountant. As you become more experienced, you’ll find that your accountant and attorney will overlap a bit in their services and expertise. That being said, here are a few examples of services your accountant should provide:

*Help you decide what type of entity (such as S-Corp or LLC) and ownership structure to have when you first get started; your accountant may work with your attorney on this.

*Design and set up your accounting system so that year-end financial reporting will be easier.

*Ensure that you pay the correct types of taxes in the correct amounts.

*Ensure that you send out W2 and 1099 forms to the proper people at the proper times, and also make sure that if you send out 1099s, the IRS will agree with you that those individuals are independent contractors and not employees.

*Advise you on deductions and how to separate your personal and business expenses.

*Advise and guide you through an audit if you ever have one.

*Advise you on specific transactions, such as whether it’s better to lease or buy.

*Compile your financial records for the past period.

*Help you understand your financial statements. You should use your accountant’s expertise to help you analyze your financial statements.

*Knowing what kinds of business expenses are deductible.

It’s best to ask your accountant’s advice before you take any kind of financial action regarding your company. If you’re looking for a CPA in Hawaii to help guide you in your new or existing business ventures, visit Michael J. Yuda CPA, LLC today!

Fun Facts You Didn’t Know About Saving Money

When you’re trying to save money, it sometimes seems impossible. However, there are a few tips and tricks that can help secure success. Below are just a few fun facts about money saving:Saving money

  • Did you know that by watching less television, you might have an easier time saving money? When you avoid TV, you’re less exposed to guilt-inducing ads, and ultimately a high cable or electric bill. Advertising makes so much money because it works. However, advertising isn’t always friendly on your wallet.
  • Many credit card companies will work with you on a rate reduction. Although these deductions aren’t extremely high, you can save up to $150 a year.
  • When we’re stressed, we’re more prone to impulse buys. Going to the gym or participating in any type of exercise isn’t just good for our bodies; it’s great for our wallets too. Exercise reduces stress, which can prevent impulse buys.
  • Delete your credit card numbers from your online accounts. Everyone loves the convenience of 1 click shopping, but by un-synching your account, you might re-consider your purchase, helping you save money.
  • Many people aren’t aware of all the benefits they have at their jobs. Do your research and see what types of benefits you might be overlooking; these could help you save money. If you find yourself spending a lot on entertainment, you might find that your employee offers benefits like free or discounted tickets.

If you’re looking for financial guidance and want to finally reach financial stability, consider choosing the premier CPA in Hawaii, Choose Michael J. Yuda CPA, LLC.

Start Your Emergency Fund Today!

CPA in Hawaii

Do you have an emergency fund? If you don’t currently have an emergency fund that you regularly contribute to, perhaps it’s time to reconsider this idea. Financial health is sometimes a major burden and stressor in our lives, and when a financial emergency develops, we are often stuck without a safety net. From emergency hospital visits to car troubles, there are a lot of things in our normal lives that can dip into our finances without warning. Starting an adequately funded emergency fund is a great way to be financially safe in the event that an expensive emergency occurs.

With a high number of jobs disappearing and people out of work, starting an emergency fund is a great safety net. A good starting point is saving up to 3 months of expenses to help secure your financial future in the event of a financial catastrophe. If you want to take it one step further, consider setting aside six months of money in your emergency fund especially if you think your job is in jeopardy. Below are a few other tips on how to start an emergency fund:

  • Set a number that is doable and possible! It’s important to factor in your normal spend when deciding on the best amount to save each month.
  • Make an emergency fund a long-term goal.
  • Factor saving into your expenses. Make your emergency fund a priority as you would a bill.
  • Make your money hard to get to! Look for an interest bearing account with minimum balance or fees. The harder it is to get to your emergency fund, the less likely it is that you will spend it for non-emergencies.

If you’re looking for financial guidance and more in-depth information on starting an emergency fund, contact the premier CPA in Hawaii, choose Michael J. Yuda CPA, LLC.

Stay Ahead of Student Loan Debt

CPA in HawaiiSchool is in session, and excited high school graduates are preparing for a rewarding educational experience as college students. Once college is over, the dreaded student loan bill begins! Whether you’ve just graduated, are going into college, or have already started paying your student loan debt, these tips will help you keep your student loan debt under control. With finding a job being extremely difficult, you might feel as if you’re suffocating under a mountain of debt.  Follow these tips to help keep your debt under control:

  • Be knowledgeable about your loan! It’s extremely important to keep track of your lenders, balances, and repayment statuses for each student loan.
  • Understand the grace periods attached to your student loans. A grace period is essentially how long you can wait until repayment begins after college. The grace period can vary depending on your lender, so it’s important to find out this information.
  • Keep in touch with your lender! If you’ve changed phone numbers, addresses, or e-mail addresses, notify your lender immediately. This ensures proper billing documents and the similar records are always at your disposal.
  • Pick a repayment plan that works for you! A lot of loans come with a standard 10 year repayment plan, but not everyone can afford this. You can extend your repayment plan for lower monthly payments, but remember that interest will build the longer it takes you to pay.
  • Don’t panic! The best thing to do is to figure out how to pay your loans in a timely manner! If you’re struggling with finances, consider seeking advice from a CPA.
  • Pay off your most expensive loan first. These loans have the highest interest rates.

The best way to stay ahead of stressful student debt is to start repaying as soon as you can. If you can afford to pay the interest of your loans while in school, you’ll get an excellent head start on what can be the most expensive monthly bill of your life.  If you’re feeling burdened by your finances, consider seeking out the help of the best CPA in Hawaii; choose Michael J. Yuda CPA, LLC.