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Saving money and paying off debts can feel like an endless cycle, which is why financial gurus are so keen on budgeting.
But Dana Miranda, a certified personal finance educator, told CNBC Make It in a recent interview that strict spending plans can be "toxic."
Miranda, who is also the author of "You Don't Need a Budget," told the outlet that budget culture is based on "restriction, shame, and greed," and there's little concrete evidence it works in the long term.
Instead, she recommended "intuitive spending" and thinking about your money "moment by moment." Rather than punishing themselves for overspending, people should reward themselves when they save, Miranda said.
Not all financial pros are in agreement, though.
Katrin Kaurov, the CEO and cofounder of the social financial platform Frich, told Business Insider it's true that "everyone hates budgeting."
But she isn't convinced intuitive spending is a good alternative. For some, it can increase debt and result in purchases they don't need.
Doug Carey, a chartered financial analyst and founder of the retirement and financial planning software WealthTrace, told BI that whether to budget is a question that comes up with many of his clients.
Generally, he said he disagrees that people must have a set budget and stick to it. As long as someone can max out their 401(k) contributions and save enough for emergencies, "they can use their intuition for spending."
For these people, it is pretty obvious when they are spending too much, Carey said, because they'll dip into savings.
Budgets can be too limiting for people who are more flexible in their income, such as freelancers or contractors, for example, because these systems don't often allow for easy changes.
Carey said the "micromanagement" of daily things can also "obscure the bigger picture of your financial health," such as long-term financial goals such as retirement savings or building wealth.
"This can create a negative association with managing money and lead to 'budget burnout,'" Carey said. "Many give up on budgeting when they feel like they cannot live within the strict limits of the budget."
Budgets can be more universally helpful if they make room for flexibility.
Kaurov told BI that budgeting isn't inherently toxic, "but many people create budgets with too much enthusiasm and optimism for how little money they will spend from month to month."
People spend more during the holidays, for example. So using December's budget in January probably won't work.
Kaurov said a budget should be about creating a realistic guideline for spending and saving. If you've set one you can't follow, you should rethink it, she said.
"Budgeting is a tricky — but important — skill for people to learn when they're starting to manage their money," she said. "Trial and error is crucial and will allow people to find what kind of budget works best for them."
Intuitive spending sounds like a good idea, but it may be a case of "the grass is always greener," Kaurov added.
"For so many, especially younger people who are often on a tighter budget anyway, it's a really poor financial habit to develop," she said.
For those who are partial to impulsively buying trendy items from social media ads, "intuitive spending" can quickly turn into overspending on things you don't need.
Julie Guntrip, the head of financial wellness at Jenius Bank, told BI that rather than following absolute rules about their spending, people give themselves grace when things don't go to plan.
"Budgeting practices many times fail because people can't stick to them — an individual makes one misstep and decides to give it all up," she said.
A better course of action may be somewhere in the middle.
"Factoring splurges into a budget could be a great compromise for someone who may feel like budgeting is too constraining," Guntrip added. "This practice may actually help someone stick with a budget longer."
