Tag: saving money

Why You Should Start Saving Money for Your Child

As any parent will tell you, kids grow up fast. One day you’re feeding them in a high chair, the next you’re sending them off to school. Though parents of young children may be more worried about finding a babysitter than planning for their child’s financial future, the truth is the future is closer than you think. You’ll want to speak with a CPA in Honolulu in order to get your child’s financial future squared away, especially to handle what is often the biggest expense of a young person’s life – college. Financial Planning

As colleges around the nation are becoming more expensive, parents must start planning earlier and earlier to ensure that their child can afford to go to a good school. A child with parents who have carefully saved money for college will likely be faced with far less student loan debt than other students. This is very important, as research has shown that such debt can have a major limiting effect on a young person’s career and life choices.

The best course of action is to consult a professional who can guide you in making financial decisions for your child’s future. An expert will be able to develop strategies for maximizing your savings and getting the best possible return on your financial investments.

A knowledgeable accountant will be able to help you work with QuickBooks or another type of money managing software to make financial record keeping a breeze. Managing finances can be a headache if you’re not experienced in the area, and a professional will reduce stress and allow you and your child to focus on the choices that really matter. Call Michael J. Yuda at (808) 838-9008 to find out how we can help you manage your child’s future!

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.

Saving Money for Children

family savingsCreating a financial base for children at a young age is a great investment for their future! Putting money away for the child will help them greatly as they embark on their college career and further along into adulthood. As the child grows older, getting them involved in the saving process will educate them on the importance of good spending habits and savings practices. It teaches them valuable lessons about money and how money works. Here are some simple ways to kick-start a child’s finances:

  • Open a savings account with a bank or other financial institution on behalf of the child. If possible, start the account when the child is just a baby. As time goes on, and the child is old enough to understand the concept, encourage them to deposit birthday or holiday money, such as checks, into the account for safekeeping.
  • Implement a college savings plan. A 529 college savings plan allows parents to put money away tax-free for their children’s education. Savings in this type of account can be used at any accredited college in the United States for undergraduate or graduate studies.
  • Create a jar or piggy bank for storing any money the child wishes to save in their presence. Sometimes the child will want to watch the money accumulate or feel how heavy a piggy bank will become over time, driving them to want to save more and more.

If you want to help make a difference in a child’s life and are looking for the guidance of a professional, don’t forget about the best CPA in Hawaii.  Visit Michael J. Yuda CPA, LLC today!

Money Saving Tips for College Students

Cost of education student loan and financial aidYoung adults around the world are all gearing up or already back to school! If you’re a student or sending your students off to college, it’s important to emphasize healthy spending habits to ensure a more stable financial future after they graduate. College can easily put students in a financial hole post-graduation, but developing smart spending habits early in college can help your student or yourself be smarter with money. Here are 5 tips for saving money in college:

  1. Make “Used” a big part of your vocabulary. Used books cost less than brand new books, and in the long run will save you a fortune. Don’t forget to check in with fellow classmates to see if they may have taken the class previously and might be able to loan you the book.
  2. Even if you have a car on campus, consider using public transportation to save a load of money on gas and car maintenance. Many colleges offer free or discounted travel accommodations.
  3. Set up a student checking account. Banks often offer a free checking and savings account to students that allow you to avoid fees on withdrawals and often have no minimum amount allowed in the account. If the bank also offers online banking, use it!
  4. We know how busy it gets being in college, but if you have free time, get a job. Waiting tables or even delivering goods can bring you in some money that you can save for when you’re finished with school. Between a meal plan, dorm room, and public transportation, you can easily save money without worrying about many expenses.
  5. Use your free time wisely! Instead of going out on the town, considering joining a club or filling up your free time with activities that don’t require additional money out of your pocket.

When it comes to saving money and being more financially stable, Michael J. Yuda, a CPA in Hawaii cares! At Michael J. Yuda, CPA, LLC, we take pride in helping you reach financial health.

Why Choose Michael J. Yuda?


Are you looking for financial stability and guidance? Michael J. Yuda, CPA, LLC in Honolulu, Hawaii can handle your personal or business day-to-day accounting! Why should you choose Michael J. Yuda to help with your finances? Consider these reasons when seeking  a CPA in Hawaii:

  • Michael J. Yuda is a Certified QuickBooks ProAdvisor.
  • Michael J. Yuda is a Certified QuickBooks Online ProAdvisor.
  • With 2 certifications in QuickBooks, Michael J. Yuda is a proven professional at bookkeeping services and can help create a personalized service that is unique to your specific and unique business.
  • Michael J. Yuda has a proven track record in accounting and taxes. He began his career working for the IRS before starting his own Accountancy Corporation in 1983.
  • Michael J. Yuda is a licensed CPA in both Hawaii and California.
  • Michael J. Yuda is a member of the Hawaii Society of Certified Public Accountants, the California Society of Certified Public Accountants, and the American Institute of Certified Public Accountants.
  • At Michael J. Yuda, CPA, LLC, we offer tax consulting services that include the preparation of all personal and business income tax returns. We also prepare all required state tax returns, as well as multi-state returns.

If you’re looking for a CPA that you can trust, choose the best CPA in Hawaii, choose Michael Yuda today!

Vacation Money Saving Tips

The weather is warmer around much of the country, and mostly everyone has received their tax return, so now comes the time for vacations and other expenses that you might just not be ready for. Has it been awhile since you’ve had a vacation with the family? Is the reason due to financial problems? Perhaps a lack of saved money for events and expenses like vacation planning? If you’re hoping to enjoy a summer get away this year or in future years, consider these helpful tips:


  • Set up a separate savings account that isn’t related to your current savings. Having this account will help you pay more attention to your specific vacations savings and allow your everyday savings account to stay separate.
  • Scale back on leisurely expenses. Do you truly need that triple macchiato every morning? Cutting back on eating out and other expenses that can be prevented will ensure you have money to add to your vacation savings.
  • Do you have a lot of clutter that you don’t need? Consider having a yard sale to collect vacation money.
  • Keep track of your finances with a savings or budget app.
  • Plan a week’s worth of spending. This ensures you stay within a budget and can count on having a comfortable amount of money to spend on a vacation.
  • Make weekly contributions to your vacation fund. By making a weekly contribution, you’re proving that your vacation is high priority in your financial life.

Do you need more in-depth help with saving money and having a more financial foundation? Consider seeking out the premier CPA in Hawaii, visit Michael J. Yuda CPA, LLC today!

Achieving Financial Wellness

Its raining money

What does financial wellness mean to you? Does it mean not living paycheck to paycheck? Does it mean having a little extra cash each month to spend on dinners out, the newest fashion and weekly Friday night happy hour? Or does it mean having the luxury to vacation annually anywhere in the world?

Financial wellness means something different to everyone, but the one key factor that applies to everyone is the need to manage our money so that we can live life without overspending and overextending our financial means. It’s never too late to take a step back, reevaluate your spending and living costs and come up with a plan that will lead you to financial stability.

Here are tips you can easily incorporate into your life that will allow you to achieve the financial wellness you desire!

1) Create a budget – The very first step to achieve financial wellness is to develop a budget that contains your monthly income and living expenses.

2) Automate your savings – Before you spend a single cent of your earnings, have your savings auto drafted to an account. If possible, set aside at least 10% of your income. If 10% is too much, don’t sweat it. Put as much as you can in, but do it every paycheck, automatically. It’s also a good idea to put any extra income – like bonuses or income tax refunds – into this account too!

3) Cut unnecessary expenses – Limit your surplus spending. Eating and drinking out is often the main culprit. How about that daily coffee that costs $5? That’s $150 per month in unnecessary spending. Do you need all those cable channels? Or how about that gym membership? If you’re only going once per month anyway, it makes sense to pay by the visit and save the difference.

4) Carry cash – Pay in cash when possible. Swiping plastic does not have the same realization as to what you are spending as handing over cash.

5) Plan for major purchases – Sticking to your budget means not splurging on a new flat screen TV or laptop on a whim. If you intend to buy something expensive, add it to your budget plan and save. This way you’ll be able to purchase it without using credit (and paying additional finance charges).

6) Plan for your retirement – It’s never too early – or too late for that matter – to start planning for your retirement. There are many options, including money market accounts that can exponentially increase your contributions. Seek out advice on how to best meet your future needs.

7) Get tax advice – Finally, if you’re not good with numbers and finances but you want to learn how to achieve financial wellness and you’re looking for a CPA in Hawaii, Michael J. Yuda CPA, LLC can help!

Planning for Your Retirement

Retirement is something that seems quite far away, however, it really isn’t. If we live long enough, some of us eventually reach a point where we leave our careers and opt for less intense work life. Many years ago, there was a time when companies included pension plans in their compensation packages and employees could look forward to receiving a percentage of their salaries to live on for the remainder of their lives. However, now it’s important to us to create a comfortable retirement that we rely on when we’re lucky enough to sit back and enjoy some time off. Here are a few tips for retirement savings:

Saving Retirement

  • Make a Plan! Saving for retirement might seem difficult at first, but with some guidance, coming up with a foolproof plan could be a breeze. Meet with a CPA to learn how much you can comfortable contribute to your retirement goal each year.
  • Start saving! It’s sometimes hard to just start saving money, but once you get into the proper mindset, saving becomes almost second nature. Designate an amount of your pretax income to contribute to your retirement savings on a monthly or bi-weekly basis. It’s easier to save money that you don’t have in your hands, so set it up so that your retirement savings automatically go into your savings account. Be sure to keep your hands off your savings!
  • Take advantage of retirement plans! Learn about programs your employer offers. From 401(k) plans to IRAs, take advantage of these.

There are many other ways to help amp up your retirement savings. If you’re looking for a CPA in Hawaii to help you guide you down the path of a more financially secure future, visit Michael J. Yuda CPA, LLC today!

Holiday Saving Tips

With the holidays quickly approaching, many people will flock to department stores to stock up on the year’s hottest gifts. Many people will spend more than they intend to during the holidays, and this could set a lot of people back financially. This holiday season consider being mindful of what you’re spending with these helpful financial tips from Michael J. Yuda, CPA, LLC.

holiday saving tips. CPA in hawaii

  • Decide how much you can actually spend! People often overlook extra fees when they draft a budget: this includes wrapping paper, gas to get to the store, and other small expenses. Come up with a realistic budget, and stick to it.
  • Much like Santa, make a list and check it twice. Assess your spending limits for the gift receivers in your family, to ensure you can comfortably spend the money on their gifts. Keep your focus on what you’ll spend, and not the gift you will buy.
  • Pay Cash! Many people rely on credit and debit cards, but without seeing the money dwindle, you’re more inclined to overspend. If you must use a card, use a card with the lowest interest rate.
  • Give yourself enough time to get your shopping done. When you wait until the last minute to finish your holiday shopping, you’ll end up overpaying for items that may have been priced lower in previous months. Getting an early start also ensures you can breathe and enjoy the holiday without stressing out.
  • Don’t just focus on material things! Gifts come in all shapes and forms. If you aren’t financially set to spend a lot of money this holiday season, consider giving gifts from the heart.

Your financial health is important to us! If you’re looking for a CPA in Hawaii, consider Michael J. Yuda, CPA, LLC.