Reducing expenses is good to focus on, but often this means people don't think about increasing their income. Going for a promotion, working overtime, or starting a side hustle are all possible ways of increasing your income. Always remember - more money coming in is just as good as less going out! Another big mistake people make is borrowing too much. Ideally, you would never borrow money. However, sometimes it's unavoidable. When you must borrow make sure to only borrow what you need and have a plan to pay it off in a timely manner. Overspending is another mistake that is easy to do. By budgeting, you should avoid this, but always be mindful of your lifestyle. Keep it within your means and don't try to keep up with others. There will always be someone with more than you! Try not to worry too much about making mistakes. Everybody makes some financial missteps. If you are learning from them, then you will prosper in the future.