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'an expensive mistake' is correct and usable in written English.
You can use it when you are referring to a mistake that had a costly consequence, either monetary or nonmonetary. Example: His decision to invest in the stock market without researching it first proved to be an expensive mistake.
Exact(59)
OO Economists Say Turkey's Coal Surge An 'Historic Error - and will be an expensive mistake for the country -- and the climate.
That may prove an expensive mistake.
This is an expensive mistake.
If proved, it may be an expensive mistake.
For a time, Sussman wondered if the flight to Japan was an expensive mistake.
Few other firms can handle them.In short, globalisation can often be an expensive mistake.
If it succeeds, it may come to be seen as an expensive mistake.
"If you are caught, it is generally quite an expensive mistake".
But giving away equity too quickly or cheaply can prove an expensive mistake.
It turned out to be an expensive mistake for Mark Zuckerberg.
Labour's Lord Mandelson, who had previously supported the project, said HS2 was "an expensive mistake".
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com