Financial planning can be overwhelming, but with the right approach, you can avoid some common mistakes that can have long-term consequences. One of the biggest mistakes people make is not having a budget. Without a budget, it's easy to overspend and live beyond your means. Creating a budget helps you track your expenses, prioritize your financial goals, and ensure you're saving enough for the future. Another common mistake is not diversifying investments. Putting all your eggs in one basket can be risky. Diversifying your portfolio by investing in different asset classes can help mitigate risk and increase your chances of achieving long-term financial success.