Yes, you only live once and must spend money to enjoy life, but life requires balance. Without balance, especially with finances, you may become depressed, anxious, and desperate.
Keeping track of your spending is a great way to ensure you are not going overboard. No matter how little or insignificant, always document your spending and reflect on it regularly
Budgeting is highly crucial in anything that has to do with finances. Without budgeting, you could spend your entire life stuck in a circle, in debt and poverty.