It’s a “common phenomenon” in December that people feel ashamed about how they handle their money, Vicky Reynal, financial psychotherapist and author of “Money on Your Mind,” told CNBC Make It.

“One thing I would say is to have self-compassion,” Reynal said. “It almost feels like everyone feels like they should be better than they are.”

“That can prevent us from thinking productively about how we can change things,” Reynal said. The truth is that managing finances is “not an innate skill” and is often not taught by schools or parents.

“So we keep learning and inevitably make mistakes. But all we can do is, instead of wallowing in feelings of guilt and shame, use that and reframe it by saying: What can I do differently? “What do I want to do differently financially next year?” added Reynal.

Coles of Hargreaves Lansdown proposed an audit of five key financial areas.

“Specifically, we should take stock of the five cornerstones of sound financial health: Are your short-term debts under control? Do you have the right arrangements in place to protect your family – including life insurance and a will? Do you have enough emergency savings to cover three to six months of essential expenses? Are you on the right track with your retirement planning? And invest to make more of your money where you can,” she said.

Understanding where you stand financially in these five key areas can help you lay the groundwork for a budget and new money goals, Coles added.

According to Reynal, many New Year’s financial resolutions fail because they tend to be too complicated.

“Sometimes people come to me proudly and say, ‘I made this spreadsheet, it has 30 tabs.’ I will record all my expenses.’ But that’s not sustainable,” Reynal said. “I would always encourage people to keep it simple and find the right tools.”

She suggested using budgeting apps and investing platforms that do the work for you.

“It will facilitate and enable a cycle where you feel empowered. You achieve little successes, and that sort of maintains a virtual circle where you start to build confidence that, ‘Look, I did it this month, and maybe I can do it next month,'” she added added.

Harel-Cohen agreed, saying even a “five-minute check-in” with yourself in the morning about how you spend your money during the day will help you make better decisions without feeling overwhelmed.

“Remember that improving your financial wellness is a marathon, not a sprint,” Harel-Cohen added.

The second reason many financial resolutions fail, according to Reynal, is that they are too ambitious.

“There’s a lot to be said about small victories when it comes to building self-confidence, building a sense of agency and building momentum,” she said, adding that setting “small, actionable goals” is the path to success be success.

Harel-Cohen recommended automating monthly payments into your savings account to achieve long-term goals like vacation or retirement.

She said, “After you set that up, just sit back and forget about it.”

According to Ylva Baeckström, senior lecturer in finance at King’s Business School, it’s also okay to treat yourself occasionally.

Spending money shouldn’t always cause anxiety, she said. “How much have you really spent on things you don’t really need?” And how did you feel about spending that money? “Did it make you anxious or stressed or did it make you feel good?” Baeckström said.

“If it makes you anxious, you need to change your habit. However, if it made you feel good, it may be worth continuing to indulge in this special luxury. Treat yourself to a few treats that make you feel good and cut back on the expenses that scare you,” she added.