hawaii island

10 Ways Hawaii Residents Can Save More Money

Hawaii is a beautiful paradise with many perks, but it also comes with an increased cost of living and there may be tax implications you should know about before deciding to move.

The key is to plan ahead and set up some safeguards that will help you get more value from your money.

In this article, we’ll talk about some specific personal finance tips for Hawaii residents.

1. Take advantage of any applicable tax breaks

In Hawaii, federal income tax withholding is not required from wages paid to an employee who performs no services in the State or any political subdivision of the State.

You may be exempt from state withholding tax if you are a nonresident and you do not engage in any trade or business activities while in Hawaii (other than casual employment while visiting relatives), but be sure to check with your employer.

You can also take advantage of tax breaks if you’re a Hawaii resident and living there for most of the year.

For example, if you live in another place part-time then you may be able to claim certain deductions that will help reduce your taxable income. This means that less of your money is going to the government and more of it is staying in your pocket.

2. Create a budget and stick to it

create a budgetLet’s say you are married with two children, one of whom is in school. You may need to budget for things like your mortgage, groceries, health insurance, car payments, utilities, cell phone bills, daycare costs, and other miscellaneous expenses.

Sticking to a budget can be difficult if you have limited funds or if you have high-cost debt. However, it is important to monitor your spending so you know where the money goes. It is also important to save for an emergency fund so that you know what to do when emergencies arise.

Postponing debt repayments will only lead to more debt or reduce your savings. The best thing you can do for your money is taking control of it now and focus on paying off debt to reduce the amount of interest you pay.

3. Save money by cooking at home, using coupons, and avoiding impulse purchases

The cost of living in Hawaii is high, but there are some ways to save money. One way is to cook at home. Buying groceries and going to the supermarket can be expensive, especially if you have a family.

If you have a family then it’s even more important that you have a grocery list beforehand so that you buy everything that your family needs for the week.

It might be a little bit more work, but cooking at home will save you money and time from having to go back out later to get your forgotten items from the store.

Coupons are also an excellent way to cut down on your grocery costs. This is because coupons will allow you to buy products without paying the full price, which means they’re

4. Limit your spending on things like dining out, designer clothes, and other luxury items

Limit your spending on things like dining out, designer clothes, and other luxury items. When you’re living in Hawaii it’s easy to get carried away because the cost of living is higher.

The best way to manage your personal finance while living in Hawaii is by limiting your spending on luxury items, such as going out to eat, designer clothes, and other luxuries.

To illustrate this point, let’s say that a person has a child in daycare and they have a mortgage payment for a house with a high property tax rate.

This family may also have expensive credit card bills with high rates of interest. In this situation, it might be better not to spend so much on luxuries so that they can manage their budget better and avoid getting further into debt.

5. Evaluate your insurance needs and shop around

insurance costInsurance is one of those hidden costs that you don’t think about until something bad happens.

For example, what would happen if someone came to an accident with your care and you had no insurance?

It could be financially ruinous for most families.

That’s why it’s important that you get the proper insurance to protect your assets and minimize any financial risk.

6. Take advantage of employee benefits

If you already have a job at the time you move, consider asking about potential changes to your existing benefits coverage before making the move to Hawaii.

For example, if you ask for an increased life insurance benefit, it could be cheaper to have the life insurance benefit increased under your existing policy.

Additionally, if you are currently employed with a company, you may be able to pay for part of your health care premiums with pretax dollars through a Section 125 Cafeteria Plan, which can save you money on taxes at the end of the year.

7. Use payday loans wisely.

You should only use them for emergencies or if you have enough money saved up to pay off your balance each month.

I know a lot of people who think that payday loans are a great way to not worry about going into debt, but in reality, they can really hurt you.

The best way to use a payday loan is only if it’s an emergency and you have enough money saved up to pay off your balance each month.

Otherwise, the short-term loans will end up costing you more in the long run. Use reputable websites when applying for Hawaii loans online.

8. Get rid of any debt you may have as soon as possible because interest rates are very high in Hawaii

It’s important to get rid of any debt you have as soon as possible because interest rates are very high in Hawaii.

If you have a credit card with an 18% interest rate, just paying the minimum monthly payment will cost you $150 per month – the same amount that the card will charge for an 18-day loan at its typical rate of 24%.

Don’t let credit card companies or payday lenders take advantage of you. Cut back on your spending until you can get that debt paid off and save up some money so you don’t have to resort to getting a loan.

9. Take advantage of all military discounts and benefits

Military members, veterans, and their families may be able to take advantage of new Hawaii tax breaks designed especially for them.

There are also many military discounts available in Hawaii on things like attractions, entertainment, and services.

10. Contribute to your retirement accounts

retirement accountThere are often matching contributions from your employer so it’s always important to take advantage of them.

If you’re self-employed, then look into opening an IRA or SEP-IRA where you can put away some money for retirement each month.

Up Next:

There are many financial decisions that Hawaii residents need to keep in mind when they move there.

Since the cost of living is so expensive, it’s important to plan ahead and set some safeguards up for yourself that will help you manage your finances more effectively.

personal finance mistakes

6 Common Personal Finance Mistakes You’re Making and How to Fix Them

It doesn’t matter if you are 22 or 62, personal finance mistakes are something we all make and have to fix.

The sooner you start making personal finance a priority the better off your future will be.

Here are some of the most common mistakes that people make and how they can be fixed!

1. Not having emergency savings

emergency fundNot having emergency savings can be devastating and ruin the personal finance journey. If you don’t want to live in fear of emergencies, it is important to save money.

Keep a certain percentage of your income aside and put it into a savings account to avoid using it for other expenses.

That way, you can feel secure in knowing that your personal financial situation is safe from danger.

For example, if you make $500 a week and want to have at least three months of savings (for emergencies), then set aside 5 percent of your income or $25 every week to put into savings.

This will help build up an emergency personal savings account.

2. Overspending on clothes

Overspending on clothes is something that many people do. Mistakes of overspending on clothes start with not understanding the difference between needs and wants.

You need to get personal finance help from experts in order to know where to draw the line. Overspending on clothes can happen when you’re spending more than what you make each month.

Make sure to track your finances and understand where your money is going so that you can avoid this mistake!

3. Ignoring retirement

Ignoring retirement planning is a mistake that might seem far off and unapproachable, but it was made by many people at one point or another.

It’s never too late to start retirement planning and there are many mistakes that you can avoid by doing some research.

4. Making impulse purchases

The personal finance mistake of making impulse purchases is a problem that many people have.

Impulse purchases are caused by not thinking about your current financial situation and what you can afford right now.

The solution to this problem is to make a budget for yourself and set limitations on the amount of money you spend in one week.

This will help you think more carefully when it comes to buying things that you don’t need, so that the temptation to buy impulsively won’t be there.

5. Keeping up with the Joneses

jealousThe mistake of trying to keep up with the Joneses is a common one because it can create a cycle that many people don’t realize they are in.

The cycle starts because people make comparisons between their lives and what other people have on social media.

They are then convinced that they need to buy more expensive things or live in fancier homes or whatever else in order to keep up with everyone else.

The only way out of this mistake is to ask yourself if you really need these things and make decisions based on your needs instead of those of others.

6. Being Afraid of Using Short-Term Loans

The final personal finance mistake that I want to talk about is being afraid of using short-term loans.

You might be thinking, “I don’t want to use a short-term loan. It’s too risky.”

Loans are one tool in the box when it comes to turning your life around and getting on the right track financially.

By using a loan strategically you can turn your life around quickly without all the stress that typically comes along with such a process.


The 6 common personal finance mistakes we’ve listed are a few of the most prevalent.

If you want to avoid these pitfalls, it is important to understand your current financial situation and what you can afford in order to make better decisions about how much money you spend on things that aren’t necessities.

The best way out of this cycle is not buying more expensive items or living in fancier homes but simply asking yourself if those things are necessary for you personally.

basics of personal finance

The Basics of Personal Finance

Personal finance is much more than just a paycheck.

It’s the decisions we make and the things we do with our money that will have an impact on our lives and futures.

Personal finance includes saving for retirement, paying off your mortgage, buying a home, starting a business, and getting out of debt-just to name a few!

It also includes how you make purchases so that you don’t go into debt or spend more than what is reasonable.

The importance of personal finance

Personal finance is all about personal control. The more personal control you have over your own personal finances, the better you will be able to plan for your future and ensure that you are on the right track.

Personal finance is also about personal responsibility: it’s up to you and not anyone else to make good decisions with your money.

If you have personal control of your personal finances, then you don’t need checklists or reminders or people telling you what to do – you already know!

Steps to take for personal financial success

Review your personal budget

Start with your personal budget. Review what your personal expenses are on a monthly and yearly basis. For instance, personal expenses could include rent and utilities (monthly) or personal income taxes (yearly).

You should also review the personal assets you have acquired like stocks, mutual funds, and bonds. You may also want to review the amount of debt you have for everyday purchases like a car or mortgage.

It is recommended that you list your personal assets from most expensive to least expensive to create an accurate personal balance sheet.

Set personal financial goals

set realistic goalsYou should create personal financial goals, or personal goals, for yourself that you want to achieve over the next year or five years. The personal financial goals you set for yourself should be personal and realistic so they can be accomplished.

Some personal finance personal goals could include paying off your mortgage, starting a business, or retiring by the age of 50.

The first step in reaching your personal financial goal is to create one…

Create a personal emergency fund

The next step in your journey towards personal financial success is to create a personal emergency fund.

This should be a fund saved up for the unpredictable moments that happen in life.

Emergencies might include things like a medical emergency, job loss, or when you need to put out an emergency fire.

You should save up for these emergencies by stashing away $1,000-$2,000 in easily accessible savings account or money market.

Then you can use this money if and when the moment arises without having to go into debt.

Establish a personal retirement plan

The next step in your journey towards retirement is to establish a personal retirement plan.

The IRS will provide some good tips on what you need to know about establishing a personal retirement plan. However, you’ll want to check with your personal accountant as there are many different types of personal retirement plans.

Live within your means

The most important part of personal finance is to live within your means. This not only applies to the amount of money that you make but also to the amount of money that you spend.

Your paycheck might go up by $1,000 next year but if you are spending $1,500 more than you make then this will have a negative impact not just on your finances but on your life in general.

Living within your means is about finding out what is reasonable for your income and making sure that you are staying within those limits so that you can build up savings for future investments or emergencies.

Some people might be tempted to put things on credit cards or borrow from friends and family to buy something expensive they really want. While this might seem like a good idea at the time, it is not in the long term.

If you take the time to establish a personal budget and set goals that are realistic, attainable and based on your needs rather than desires-you’ll be able to live within your means. You can then use this extra money for emergencies or retirement savings which will give you peace of mind as well as financial freedom in the future!

learning personal finance

How to Learn Personal Finance

Personal finance is a fundamental life skill that everyone should have.

Taking the time to learn about it will help you get closer to your financial goals, whether it’s buying a house or saving up for retirement.

There are many different ways to learn personal finance, some of which include: reading books on the subject, taking classes in school and online (such as Khan Academy), listening to podcasts related to personal finance, or even watching YouTube videos on how-to topics like “How To Manage Your Money.”

But no matter what method you choose, make sure you’re learning from an expert who knows their stuff because this information can be very complex and confusing if not explained properly.

So go ahead and start with one of these ideas today!

Reading Books on Personal Finance

reading books on personal financeOne of the easiest ways to learn about personal finance is by reading books on the topic or by listening personal finance audiobooks. You can either read a personal finance book recommended by an expert or you could choose a specific topic that interests you.

For example, if you’re interested in investing, you might want to read The Bogleheads’ Guide to Investing, which details how index funds are a great option for investors of all levels.

If you’re interested in managing your money better, then reading an introductory type of book like Personal Finance Basics may be a good place to start.

It will give you some basic knowledge on topics like how credit cards work or budgeting basics and expenses.

If you want something more in-depth, then it’s worth looking into more advanced personal finance books like Your Money or Your Life.

Secondly, reading actual financial magazines can be an effective knowledge-building source.

For example, Forbes Magazine has some excellent articles on money topics such as current stock market events, investing advice, and real estate trends.

Typically, many of these articles are written by experts in that field, which makes the information more accurate.

Taking Classes in School and Online (such as Khan Academy)

If you’re really interested in learning personal finance, then taking an actual class on the subject may be best for you.

Usually, these classes are taught by professionals or business leaders and will cover topics such as: how to plan for your future, how to set a budget, ways to save money on expenses, and how credit cards work.

You might be surprised at how much you learn in these classes and the information may even help you get your personal finances back on track if they’re not where they should be.

Listening to Podcasts Related to Personal Finance

podcasts on personal financeOne option you might want to consider is listening to podcasts related to personal finance.

You can find a podcast on just about any topic (including money) at this website and keep up with what’s going on in the world of personal finance without spending hours reading articles or books.

One thing to note, though, is that many podcasts are often sponsored by financial companies so there may be some bias in the information they provide.

Keep an open mind and don’t take everything you hear as gospel!

Watching YouTube Videos on How-to Topics of Personal Finance

Another way for you to learn more about personal finance is by watching YouTube videos for how-to topics.

YouTube has lots of videos that will teach you what different terms mean (such as “what is compound interest?”) or how to do things like make a budget or calculate your net worth.

Just search for what you want to learn more about and watch a related video on the topic. It’s easy, free, and even fun!

As you see, the best way to learn about personal finance is by reading books, taking classes, and watching youtube.

But after you know the basics of how it works, take action. Remember that there are always ways to improve your finances so try implementing some strategies in your life today!