5 easy financial mistakes new parents can avoid

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So you are thinking of having a baby? Here are 5 financial pitfalls to keep in mind. (KTRK)

So you are thinking of having a baby? Well, it brings joy and excitement and a whole new set of money worries.

Here are the 5 worst financial mistakes new parents can make.

First, not having enough life insurance. Having group life insurance through work doesn't usually offer large benefits and if you leave the company, it typically expires.

The next one is not creating a will. Most young couples don't want to think about it but it is a must. You don't want the state to decide what to do with your assets.

Next, not having a spending plan or rainy-day savings. Make sure to build up your savings for those unexpected auto mechanic bills or health care costs.

Make sure you add your baby to your health insurance. According to the U.S. Department of Labor, you have 30 days after the birth to add the baby to a work-based health plan.

Lastly, make sure you are saving for college at the expense of retirement.

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