New parents' top money mistakes
By Vanessa Santilli • Bankrate.com

This will also help your child understand that you don't have to always have the most expensive thing in order to get good quality at a discounted price, says Campbell.

Mistake No. 5: Postponing creation of a will
Many new parents assume that they don't need a will if they don't have large estates, says Manojlovic. But if you have a child, a will is essential to designate guardians for your children.

Mistake No. 6: Not having disability insurance
Most employer sponsored policies cover up to 60 per cent of your salary, but there could be a cap which may not be sufficient to cover expenses in case of disability, says Manojlovic. "Statistics show you are more likely to be injured while in the workforce. If you find yourself unable to work, disability insurance ensures you'll be eligible for partial income to help your family."

Mistake No. 7: Delaying start of a Registered Education Savings Plan (RESP)
Along with starting an RESP, parents should take advantage of the Canada Education Savings Grant (CESG), says Manojlovic.

By starting an RESP early and contributing at least $2,500 annually, you could receive a maximum grant of 20 per cent from the government, she says.

"By investing those monies in a conservative portfolio, with, let's assume, a five per cent rate of return, you could have $105,246 by the time your child reaches 16."

Mistake No. 8: Sheltering your children from financial matters
Although this faux pas won't happen until they're a little older, keep it in mind: "The biggest mistake is trying to shelter children from money and money issues," says Campbell. Open communication is key. "Parents should educate themselves as to what to teach their children at each age about money. This will result in children who have a better understanding of how to manage money themselves in the future and the reasons they cannot have everything they want."

Mistake No. 9: Involving your kids in your stress around money
The flipside to No. 8 is involving your kids too much in your financial matters -- especially when times are tough. Remember that children only hear what you tell them, says Campbell. "If you are constantly lamenting your financial woes to them, it will only stress them out." Instead, she suggests explaining that things are a little tight at the moment and you are watching what you spend.

Mistake No. 10: Giving children everything they want
Although this seems obvious, parents in today's frenzied world often don't take the time to say 'no' to their children, says Campbell. As such, children assume there is an endless supply of money. "They may not learn to distinguish needs from wants and will grow up thinking that if they want it they should have it," she says. "It is important to help children make decisions. If they get one thing, they may not be able to get another."

Vanessa Santilli is a writer in Toronto.