Being a parent is a tough job. As a father of five, I really know how tough it can be. On top of all of your responsibilities as a paren, you also have to worry about your family\'s finances. Unfortunately, there are a few financial mistakes that many parents make that can be very costly.

Here are the biggest mistakes you can make as a parent.

Not having a Last Will and Testament:

Sometimes when we are young, it is hard to think about needing a Will, but the truth is it is extremely important when you have kids. You need to clearly spell out your wishes in writing.

While you don\'t think it will happen in your family, there are stories everywhere about family disagreements on how estates are to be settled. Don\'t let this happen to you. Make sure your wishes are clearly spelled out.

Not having life insurance or not having enough life insurance:

The weird thing about life insurance is that you will never use it, but if you are leaving young ones behind, it is extremely important. A good rule of thumb is to multiply your income by eight and then add in one time expenses such as paying for college and paying off your mortgage. This should give your children enough money and not cost you a fortune in premiums.

Disability Insurance:

Just as important as Life Insurance is the need for Disability insurance. If for any reason you were injured and unable to work, your Disability insurance could keep your family afloat. Insurance of this type usually costs less than $40 per month, but could feed your family and keep a roof over your head for years to come.

Saving for college:

One of the biggest expenses parents face is the need to save for their children\'s college education. The easiest way to save for this is to start saving the day your child is born. It is easier to save for this expense if you can spread it over 18 years rather than 10 or less. Many states now allow you to pre-pay for your child\'s education and they will guarantee the cost at today\'s rate. Again, you will get the lowest monthly cost if you start contributing right away.

Saving for Retirement:

Just like saving for your child\'s education, saving for your retirement is easier if you start saving when you are young. If your company offers to match your contributions, then you should put every penny you can afford into that fund. It will grow exponentially over the years.

At times, saving for all of these items while trying to run your house can seem just a bit overwhelming. As with any financial payment, creating a budget and sticking to it is the key. Create both long and short term financial goals to protect your family both today and in the future.