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If memory serves:
Mothballed 25%
Reserve 50%
Active (Peace) 100%
Active (War) 150%
So having too many ships in reserve and mothball status during peacetime can result in you going massively over budget - especially if you have put carriers and airbases into reserve -not including the premium for vessels operating abroad.
Try not to leave it until the last minute to mobilise the fleet to reduce this issue.
Note that the projected costs for the entire fleet being on active service is for the standard peacetime service in home territory, allow a 60% increase for safety.
I've certainly had this problem myself, which is why I like how RTW3 added a useful tool to help avoid it. The budgetary part of the UI now includes an estimate of what your maintenance budget will probably go up to if you fully mobilize all your ships. (I think it's in parenthesis.) During peacetime, it's a good idea to keep an eye on this to ensure that you can actually afford to mobilize everything you build. If the maintenance-after-mobilization figure balloons too high, it may be advisable to scrap some of your least useful ships.
If you can't afford to activate all those ships, don't activate all those ships. And maybe scrap the ones you won't be activating in wartime, too.
I can see a downside to this if players deliberately prolong wars to keep their budget high.
This makes Italy the actual superpower you absolutely do not want to mess with. Because it can make you go bankrupt in couple of years simply by surrendering.