The most common mistake is estimating cost from word count alone and ignoring that code, JSON, punctuation, and non-English text tokenize far more densely than plain prose.
Others forget that system prompts, chat history, and tool definitions are billed as input on every single call, so multi-turn conversations compound quickly.
Many users also apply the same price to input and output despite output tokens costing several times more, and they overlook that pricing on official OpenAI, Anthropic, and Google pages changes over time.
Finally, assuming one provider's token count transfers to another leads to budget surprises. Always verify with the real tokenizer and current published rates.