1. Saving too much for your kids' education. Education is important, but most experts believe retirement savings should come first. Education can be paid for with loans. Retirement can't.

2. Overlooking child-care tax deductions. Paying cash to a sitter or day-care provider leaves you without documentation needed to take dependent-care tax credit. Depending on your income, it can be as much as $1,440 for two children.

3. Contributing too little to 401(k) and other tax-deferred retirement plans. Many parents don't invest as much as they could and miss out on funds employers add at no cost to them. Even if you must withdraw some money for an emergency, you can pay interest to yourself.

4. Neglecting to write or revise a will. This procrastination is so widespread that there have been many cases where a second spouse married some years ago is left with nothing while the first gets it all. The same is true with life insurance policies. Make sure the beneficiary is the person you want to have your insurance.

5. Putting assets in a child's name. Financial planners writing in Parents magazine say this is one of the worst. The child can demand the money at age 18, and leave. Additionally, a student could miss out on significant financial aid for college. The typical aid formula requires 35 percent of a student's assets be spent for education, but no more than 5.6 percent of parental assets.

6. Paying off the mortgage. When you consider that you get a deduction for mortgage interest, a rate of 8 percent might actually be costing you 6 percent.

7. Using easy credit for routine emergencies. A credit card loan could cost 20 percent interest, while a home-equity loan would cost less than half that amount.

8. Leasing family cars. The payment is lower, but extra mileage could cost up to $1 per mile. In the event of a family emergency, you can't just trade the car or turn it back without a big fee.

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