Saving for college is often a priority for parents—as it should be. But saving for school doesn’t give moms and dads license to neglect the rest of their financial goals, advisers say.

According to MarketWatch, a recent report from AllianceBernstein Investment’s “College Savings Crunch,” says 70% of families surveyed don’t have a plan that takes into account all of their financial goals.

MarketWatch says there are five common financial mistakes advisers often see parents make:

1. Buying the wrong life insurance—or none at all

It doesn’t cost a bundle for parents in their 20s or 30s to purchase life insurance. But it may mean the world to that parent’s bundle of joy. A working parent may have life insurance through an employer. Just make sure it’s enough.

MarketWatch says there are two ways someone can estimate how much life insurance to buy: Either multiply income by eight or multiply income by six and then add in one-time expenses such as paying off a mortgage or paying for college. It’s also possible to estimate how much is needed by considering only expenses instead of income.

However, each situation is unique and it’s best to consult with a professional on how much insurance is necessary.

Also give special consideration to the stay-at-home parent. Often a parent not earning an income figures he or she doesn’t need life insurance. But large child-care expenses could appear if a stay-at-home parent dies, MarketWatch says.

To figure how much a stay-at-home parent needs in life insurance, estimate the costs of replacing the work that the parent does, she said. The figure will likely vary depending on the ages of the family’s children.

Having enough life insurance is especially important for young families to consider, especially since they are more likely to have a tighter cash flow.

2. Ignoring the need for disability insurance

Maybe even more important than life insurance is for parents to have disability insurance. 
Luckily, that expense also can be modest, costing approximately $30-$40 per month, MarketWatch says.

When deciding how much insurance to buy, parents should aim to replace at least 60% of their income. Disability insurance most often is paid out on a monthly basis.

3. Postponing a will

Young parents often feel healthy and don’t think they need to prepare for the inevitable by drafting a will. But MarketWatch says it’s a task they probably shouldn’t put off.

Without a will, the state decides who cares for the deceased’s children and who manages their finances. When parents put their wishes in writing, they make those decisions instead.

If finding the money for attorney fees is the biggest hurdle, at least have a conversation with aunts, uncles and grandparents regarding who will take responsibly of the children in the event that a parental death occurs, and put those decisions in writing.  You can also find premade will documents in stationary stores. Be sure to have the documents notarized, MarketWatch says.

4. Forgetting to save for retirement

Delaying retirement saving makes it harder for a nest egg to grow. And remember college savings can be supplemented with student loans. Neglecting retirement savings also doesn’t do any favors for grown children, who could be faced with the burden of financing their parents late in life.  At the very least, MarketWatch encourages people to put as much money in their 401(k) plans as their companies will match.

5. Putting off saving for college

Save for college while saving for retirement. Starting early allows more time for the fund to grow. But dedicate fewer dollars to school than to the retirement fund.

But even though financial aid can supplement college savings, don’t count on receiving aid that doesn’t need to be paid back. And don’t count on your child financing their entire education with scholarship money.

“Fifty-six percent of financial aid is in the form of loans,” said Jennifer DeLong, director of college savings plans for AllianceBernstein. “People hear “financial aid’ and they think ‘free money.’”

According to MarketWatch, the AllianceBernstein study said two-thirds of financial aid administrators said they believe that scholarship and grant dollars are less available for the average family today than they have been in the past; 92% said that parents overestimate the amount of scholarship and grant money their children will receive.