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!

Common Misconceptions about Credit

credit-card-509326_640It’s no secret that a credit card is a great financial tool that if used wisely can help you learn better spending habits and financial responsibility. However, there is a sense of mystery surrounded by credit. Knowing the facts about credit cards can help you avoid significant pitfalls towards your financial health.

  • Did you know that regularly applying for new credit cards can actually hurt your credit score? Only apply for a new line of credit when you actually need a new line of credit.
  • If you don’t make at least the minimum payment on the card, the payment will count as missed. Some people believe that if you pay at least something, you won’t be affected by a negative credit score.
  • If you manage your credit cards wisely, a high credit limit is a very positive thing. Some people believe a high credit limit can lead to financial crisis quite quickly, but as long as you’re responsible and have a repayment strategy in mind, a high limit can actually be advantageous.
  • People think that having more than one credit card can lead to a higher credit score. You don’t need to stick to having just one card, but opening credit cards too frequently can actually negatively impact your credit score.

These basic facts should help you gain more knowledge of credit cards, as well as clear any misconceptions. Whether you need guidance or more tools on managing your credit and maintaining a strong credit history, visit Michael J. Yuda CPA, LLC today.  Michael J. Yuda is the premier CPA in Hawaii and can help keep you financially healthy.

Paying Off Credit Card Debt Fast

money-trap1-771882-mThe holidays have come and gone, and for many, a cloud of credit card debit hangs overhead. However, you can pay off the debt quickly by utilizing the following strategies. The secret to paying off debt fast is to develop a plan and stick to it.

  • Concentrate on one credit card at a time. Of course if you have multiple cards it’s important to pay at least the minimum on them, and concentrate on paying more on one card at a time. Make sure to check the interest of each card, and concentrate on paying the card with the highest interest first. Of course, you can also pay off the card with the smallest balance first.
  • Always try to pay more than the minimum! Pay a bit extra each month. Every time you go over the minimum payment, the money will go toward the balance, which will lower the balance, and result in less interest being paid.
  • If you feel as if you’re in a considerable amount of debt with multiple cards and bills piling up, consider consolidating your debt.
  • Start categorizing and organizing your monthly spending. Look for areas where you can cut back on monthly spending, and use the money that you’ve freed up to apply to your debt.

If you find yourself completely overwhelmed with debt, consider seeking out a CPA in Hawaii. Visit Michael J. Yuda CPA, LLC today.

Start Getting Ready for Tax Season Today

Tax Time Ahead

With Christmas comes a brand new year, and with that brand new year comes another cycle of preparing one’s taxes.  Thankfully, there are numerous steps one can take -starting today- to make the new tax year smoother than ever before. Below are a few steps you can take to make your life easier this tax season.

  • Come up with a plan! It’s not wise or recommended to wait until the very last day to do all of your taxes at once. An easy way to motivate yourself to start your taxes early is to set a calendar reminder that you’ll start them in early February, and try to stick to the reminder. This will help you plan other things around this one task.
  • Meet with a CPA. At Michael J. Yuda, CPA, LLC, we take pride in developing long-term relationships with our clients.
  • Keep your tax documents in one central location. It might be a desk drawer, or a simple folder. However, it’s important that you keep your tax documents that you’ll receive in January and February in one location to ensure they are easy to find.
  • Do a rough estimate. Of course a CPA in Hawaii can help you come up with a closer estimate, but why not do a calculation to see whether or not you’re actually going to owe taxes this year. Try and keep your estimate high, so you don’t have any big surprises when you do get your taxes done.

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.

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.

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!