Tag: fiscal responsibility

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!

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.

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!

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.

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.

Why Choose A QuickBooks ProAdvisor?

Are you looking for someone to handle bookkeeping for your small business? If the answer is yes, it’s best to choose a bookkeeper that is a Certified QuickBooks ProAdvisor. A Certified ProAdvisor knows the ins and outs of the powerful and useful software, and can help keep your books in order, which translates to a more financially stable business. Why should you choose a QuickBooks Certified ProAdvisor?

QuickBooks ProAdvisor

  • In most cases, Certified QuickBooks ProAdvisors are trained CPAs, accountants and other professionals who have spent years studying and learning how to handle small business finances.
  • Certified QuickBooks ProAdvisors have completed a comprehensive and thorough QuickBooks training course and exam in order to be certified.
  • They can help get you started on the right foot with aiding in set-up, proper training and even troubleshooting.
  • Certified ProAdvisors can help provide the best guidance to help you have the highest satisfaction from using QuickBooks.
  • A Certified  ProAdvisor knows how to get the most out of the software.

If you’re looking to get the most out of QuickBooks for your small business bookkeeping, consider contacting Michael J. Yuda, CPA LLC, in Honolulu, Hawaii. There’s no better QuickBooks ProAdvisor in Hawaii, than Michael J. Yuda to help learn the ins and outs of QuickBooks. With personalized service and attention to your unique business, Michael J. Yuda can help provide only the best and most experienced QuickBooks bookkeeping services! Contact us today!

Climb Out of Debt

Poor financial decisions can add up and wreak havoc on your life. Piling debt can be crushing to your emotional well being, and could get you in a lot of financial trouble. If you’ve found yourself in debt, it probably feels as if you’ll never be able to rid yourself of this burden, but there are plenty of ways you can help your situation and even become debt-free:

Climb out of debt

  • Make cutbacks: Nobody loves the idea of making cut backs, but cutting money from certain aspects of your life can help you take care of debt a little more. Working on a budget when money gets tight may sound like a daunting and awful task, but it might also have you realize where your money is going, and potentially improve your financial health for the long term.
  • Seek help: If you’ve found yourself in a tough spot financially, perhaps seeking out a CPA could help teach you fiscal responsibility and get your finances in order. A CPA may not actually get you out of debt, but can help set you down the path to a more sound financial life, and help you know how to handle your money so you can stay out of similar situations. Consider seeking out help before making any drastic decisions, such as claiming bankruptcy. There are many professionals out there who can help give you advice, before contacting lenders.
  • Prioritize Your Debt: Study the consequences of missing certain payments. It’s not the best choice to only pay the largest debt with the biggest interest rate first. Read over any lending agreements and statements, to get a picture of which debts should be a top priority, and which can wait.
  • Avoid Pay Day Loans: Burying yourself in more debt in order to pay off existing debt is a recipe for financial destruction. Stay away from pay day loans, loan sharks, and any situation which makes you feel like you’re solving one problem and creating another.

If you’re looking for a CPA in Hawaii, consider contacting Michael J. Yuda CPA, LLC! Your path to financial stability begins with proper assessment and the best guidance from the very best CPA in Hawaii.



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!


CPA in Hawaii

  • 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!