Does money burn a hole in your pocket? Does buyer’s remorse set in after you have spent your money? If this sounds familiar, here’s how you can you change your habit this year so you can buy the things you need now and save for the things you need in the future.

1. Establish self-discipline. Learn to recognise the drive that places you in a difficult spending situation. Avoid these driving factors by having a purpose for shopping, a time limit, and a written plan. Also, limit the number of trips to the shop and never shop when hungry or depressed.

2. How far money goes usually depends on how badly we want something. Once spending has been brought under control, determine how much needs to be spent each month in every area of your budget and trim accordingly.

A budget is a money plan. With it, you can organise and control your financial resources, set and realise goals. Every purchase should be considered in light of the established budget, buying any non-budgeted items on impulse should be avoided, especially if those non-budgeted items will need to be purchased with a credit card.

3. Be accountable to someone for a specific length of time for everything you spend. If there is accountability, you will be more inclined to be cautious in your spending habits — a look now, buy later attitude. Shop around before buying and learn to say no. Keep a record of spending and purchases and share these with your accountability partner.

4. Establish a want-to-buy list. Put all un-budgeted items on this list. Wait seven days and find two additional prices for the same item, to be sure you are getting a good buy. After a week, you will have thought about it and probably will be getting the best buy on the item. Finally, you should have only one item on the list at a time, so if you find new “wants” during the week, you will have to decide between the two.

Putting a New Year’s resolution into practice often requires more than just self-determination. Having a plan and someone to be accountable to are also essential to achieve the desired change.