Tag: saving money

Start Your Emergency Fund Today!

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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.

Reasons to Save Money!

You’ve probably heard it time and time again, but saving money could be one of the most important things you can do in your life. There are a variety of great reasons as to why saving money is a great long term decision. You may or may not have enough money to pay for everything you need now, but taking the initiative to save money is never a bad idea. Here are a few great reasons to start saving now!


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  • Emergency: It’s a great idea to set a fund aside to cover unexpected expenses that may arise. Surprise expenses like car repairs, sudden job loss, and medical emergencies are things that can happen, and having an emergency surplus of cash handy is a smart way to ensure you’ll be able to handle the hardships.
  • Retirement: The sooner you begin saving money for retirement, the less you will have to save in the future. Starting a retirement fund early is a great way to build financial stability in your older years. It’s a wise decision to contribute up to what your employer matches, and then gradually contribute more of your gross income.
  • Buying a House: Saving money to make a down payment on a house could be one of the biggest decisions you will ever make. If you’re able to save enough to pay the down payment up front, you can cut out the stress of loans and avoid high interest rates.
  • Education: Whether hoping to obtain a master’s or doctorate degree, or send your children to college, saving now is a great way to guarantee you don’t lose your shirt with student loans and high tuition prices.

There are many different reasons to save money! If you’re unsure on how to handle your finances, consider seeking out a CPA! If you’re looking for a CPA in Hawaii, don’t hesitate to contact Michael J. Yuda today!

Using Your Tax Refund Wisely

If you’ve been patiently waiting near the mailbox for your tax refund you’re probably not alone. Some may have already received their refund check, but there are still people waiting diligently for their check! Sure, it’s great to have that extra money in your pocket, but before you go out and spend it on a shopping spree or expensive vacation, consider using this money for more important things! Here are a few helpful suggestions to get the most out of your tax refund check:

don’t hesitate to contact the Honolulu CPA firm, Michael J. Yuda CPA, LLC for any questions

  • Take household expenses into mind and figure out how far ahead you can be if you use your refund to pay them off.
  • Consider the benefits of establishing and creating an emergency fund that can cover expenses in the event of an emergency or even a pay freeze. In the wake of paycheck squeezes and lay-offs, saving your tax refund could provide a blanket in the event that your personal finances take a hit.
  • Pay down credit card or loan debt. With the extra money, you can get a great head start on paying down debt that has been building.
  • Begin planning your retirement fund. Adding money into a retirement fund is not only a sensible decision, but can have you financially stable when you reach retirement.
  • Consider taking that class you’ve always wanted! There’s no better way to spend your money wisely than investing in yourself!

There are many sensible ways to spend your tax refund. Sure it’s easy to go out and spend money on things you really want, but in the long run, using your refund wisely can help pave the way to a more financially stable and fulfilling life. If you’re curious as to how to become more financially responsible, don’t hesitate to contact the Honolulu CPA firm, Michael J. Yuda CPA, LLC for any questions you might have.


Planning for a Financially Stable Future

Planning for a Financially Stable Future

Chances are that you have heard it time and time again, but it will always be important to save money! Saving money is much easier said than done, but having an abundance of saved money can ensure financial stability in the future. If you’re constantly burdened by the thought of not having any savings and don’t know where to even start saving, consider seeking the help of CPA to help keep your finances in order. Below are a few tips that can help jumpstart your savings:

  • Get rid of any existing debt! The sooner you pay off any debt, the less interest you’ll accrue and the sooner you will be able to spend money. Once all debts are paid off, you can begin putting more money into your savings. If you want to save while paying your debt, consider consolidating debts to pay less interest.
  • Start an emergency fund. Setting aside enough money to survive on for 3-6 months is an excellent idea in the event you lose your job, or are faced with a financial catastrophe.
  • Set attainable goals and strive to meet them. Whether buying a house, or starting a retirement fund, it’s crucial to map out goals that you must meet in order to fulfill your financial wants. It’s also helpful to establish time frames within the goals.
  • Record all of your expenses. Keep track of all expenses in your daily life with the help of a CPA or yourself. This is a great way to know which adjustments to make on your spending habits.
  • Make a budget.  After balancing your earnings and setting savings goals, it’s important to budget your money in order to successfully save.

There are many tips and tricks that can help you save money, but a CPA can help guide you and keep your finances in order. If you’re afraid you can’t afford a CPA, it’s still important to keep track of your spending to help secure financial stability.