Set your goals and budget for them

money essentials 2 goals

Whether you want to retire early, travel the world or buy a house, your life goals need to be financed. And knowing what you're working for can keep you motivated and on track.

Even small purchases like your daily caffeine fix or last-minute additions in the check-out line add up.

That's why Gildea recommends using a credit card for must-have purchases like gas and groceries, and using a pre-determined amount of cash for the rest of your weekly spending.

"You know right where you are, it's easier to keep up [with cash]; we can't manage virtual payments very well."

Related: 6 budgeting tips for beginners

First published November 21, 2018: 3:41 PM ET

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