Budgeting is often touted as the cornerstone of financial wellness. Most people could stand to benefit from the practice, but not everyone will benefit equally. Some of us may even be better off devoting our time to other things.

This article will walk you through some situations which budgeting can help you with, along with a few that it may not be so helpful for.

A budget may be right for you if…

1. you’re living paycheck to paycheck.

If your spending so closely matches your income that you often have nothing left over, budgeting may help you figure out how to change that. Try drafting a budget using the amounts you think you typically spend on your various life priorities. You may discover that you eat out far more than you realized, or that your have too many unused subscriptions. Alternatively, you might get confirmation that you’re using your money very wisely, and that you just need a higher income. Either way, budgeting may help you figure out what you need to work on.

2. you’re about to undergo a major life change.

Are you newly engaged? About to embark on your Master’s degree? Expecting your first (or second, or third) child? Transitions in life often create unanticipated ripple effects. You may know you’ll need student loans for that next degree’s tuition, but forget to factor in the cost of babysitters for when you’ll need to be in class.

Budgeting for major life transitions will force you to think more deeply about exactly what lies ahead so that you can more fully enjoy the ride.

3. you tend to overspend.

If your eyes are bigger than your wallet, you already know your problem. Budgeting, however, can help you narrow the issue down even more. It’s one thing to know you tend to shop too much; it’s a whole other thing to figure out that you’re really just a Nordstrom addict.

Budgeting can help you pinpoint your spending issues so that you’ll be better equipped to tackle them head on. (If you pass that Nordstrom on the way to work every day, you should probably start taking a different route ;).)

4. you don’t have an emergency fund.

The term “emergency fund” refers to money set aside for large, unexpected expenses (like sudden unemployment or a huge medical bill). Conventional financial wisdom dictates that everyone should save up for an emergency fund that could cover three to six months of expenses.

If you have not yet put this emergency money away, a budget may help you figure out how to readjust your spending, at least temporarily, so that you can build up this cushion.

5. you have no idea where your money is going.

If in reading through this list, you have no idea whether or not you fall into any of these buckets, a budget may help you see which one you belong to!

In your case, a budget would be the financial equivalent of going to your doctor for a check-up. You may discover you have a clean bill of money health, but if the prognosis isn’t so great, you will at least come away understanding what’s wrong, which can then put you on a path to repair.

A budget may not do much for you if…

1. you’re already a big saver.

A common piece of financial advice is that you should save at least 10-20% of the money you earn.

If you’re already greatly exceeding this goal by, say, regularly saving half of your paycheck, you would likely be better off spending your time figuring out how to maximize gains on your existing savings than you would be trying to maximize your savings through budgeting.

2. you make far more than you typically spend.

If you’re one of the lucky few who falls under this category, kudos to you! You’re either already earning so much, or are so naturally low-maintenance that you don’t need to monitor your spending very closely.

If this is you, feel free to forget the budget. Just make sure you treat yourself every once in a while!

If after reading this you think you need a budget…

Feel free to check out my beginner’s guide to budgeting, coming soon!