Money 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:
- Waiting for things they want
- Making decisions on what they can have
- Saving for the things they want
- 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.
Young 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:
- 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.
- 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.
- 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!
- 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.
- 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.
Not 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.
- 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.
- 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.
- 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.
- 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.
Here 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.
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!
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!
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:
- 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.
Does it seem that as each day passes, it feels harder and harder to save money? You desperately try to put away more money, but the amount of money you’re putting away isn’t keeping up with the rising costs of living. Remember your childhood piggy bank? Well the concept of the childhood piggy bank can be used into your adulthood as well, just on a more mature level. Of course, we’re not opposed to be using a piggy bank. Below are a few helpful suggestions that closely mimic the concept of having a piggy bank:
- Every time you make a bank deposit, set a certain amount of money to be automatically placed into your savings account. You can do this each week or bi-weekly. The amount you choose is up to you, but you’ll be surprised how much you can really save in a year.
- Perhaps actually use a piggy bank. You don’t necessarily have to go out and buy a ceramic pig, but collecting and saving coinage can really add up. Not only does saving loose change regularly sometimes pay off, but it does build great saving habits that you can use in other financial aspects.
- Putting money into a high yield savings account or a CD is a great way to save money, and even increase the value over the years. Consider these accounts a more advanced piggy bank.
- Don’t stick to just one method of saving. Having a savings account, CD and even saving pocket change are all great ways to reach financial stability. Quick thinking, smart planning and wise purchases are all extremely important when it comes to saving, however, it’s not always that easy.
We value your financial health, and want to see you reach financial stability. If you’re looking for a CPA in Hawaii who can help you get there, choose Michael J. Yuda, CPA, LLC.
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.
- 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.
School 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.