Being too strict with your budget
Many people, especially those who are budgeting for the first time in their life, tend to get enthusiastic and create an unrealistic budget which might be too strict to follow. If your budget does not have any provisions for the occasional indulgence, the monotony of your daily routine might prove too much for you to handle and you might crack under the pressure. If you do, you might end up splurging more than what you would have spent under normal circumstances. So, allocate a small amount of money every month for fun — a day at the spa, a night out with friends, a bottle of champagne for special occasions, and anything else you need — as long as it is reasonable and does not blow a hole in your budget.