If you just cringed when you saw the word “budget,” you’re not alone. But budgeting enables you to live within your means while saving for the future – and you may choose a method that’s not a conventional budget at all.

Here are three reasons an individual or couple may not want to budget, along with a solution for each situation.

Reason #1: You think tracking all your expenses is an onerous task.

If you use the pay-yourself-first method, you don’t need to track expenses. You determine the amount from each pay period that you’ll dedicate to covering your fixed monthly expenses and meeting your financial goals, including saving, mutual fund investing and paying off debt. Then you can spend the rest on discretionary purchases.

Another option without tracking expenses is the 50-30-20 approach. You dedicate 50% of your regular after-tax income to needs, including mortgage payments, utilities and groceries. You allot 30% for wants, such as dining out and vacations. Then you apply 20% to investments and other financial goals. You can adjust the percentages to suit your current situation.

On the other side of the coin, you may want to track your expenses if you’re an app person. You’ll find several options by searching online for budgeting apps in Canada.

Reason #2: You worry that sticking to a budget makes life restrictive.

It’s natural to think that budgeting holds you back from enjoying life, but the opposite may be true. When you’re comfortably taking care of your cost of living and long-term goals, you’re better able to enjoy life’s pleasures.

Reason #3. You believe a budget is unnecessary because you have no trouble making ends meet.

If you don’t pay enough attention to how you spend, you may fall victim to lifestyle creep. That’s where your extra cash flow gradually goes toward extravagant purchases and activities to the extent that you end up not getting ahead financially.