When you’re young and in love, all the firsts can seem epic: the car, the baby, the house. That can come back to bite you, especially when it comes to money matters. For young families, critical mistakes can set you off on the wrong path that could jeopardize your family’s financial journey.

Here are mistakes to avoid in the early years.

Keep it simple

Live within your means. It can be tempting to live above your means, especially if you expect to earn more and more as the years proceed. “You want that fancy vacation, a new trinket or even a bigger home or apartment,” says Jayne Pearl, an author. “But finding new ways to spend money every time you make more of it will leave you vulnerable to economic setbacks.”

Instead, get in the habit of thinking of new ways to save and invest.  Says John Azodi, of Azodi CPA & Investments. “If you borrow at 15% and make only minimum monthly payments, it is the same as using next year’s raise from job to pay for today’s stuff. Are you going to get a 15% raise? Think of a credit card like this and maybe you’ll stop abusing it.”

With a budget comes a new clarity about what really matters. For example, say you can get a flat-screen TV or go on a safari vacation. One or the other.

You can also understand the impact monthly payments make on your financial health. That will  affect how you buy a car and a house. “Many people just look at monthly payments, not what the total price they are paying for the care long-term,” says Sharon Lechter, founder of Pay Your Family First, a financial education organization. “Would you buy a $20,000 car for $33,000? Lower payments usually result in an increased out-of-pocket total that you pay,” she adds.

Protect yourself properly

It is advantageous to purchase life insurance as soon as possible. Life insurance does not cost a fortune, especially when you have youth on your side. “Young families feel that if they do not have the assets, they do not need the coverage,” explains Keena. However, they do not take into consideration that life insurance is about replacement of income, as well as the need to protect the stay-at-home spouse. “If something were to happen to the stay-at-home spouse, there will be need to replace child care,” he adds. Know too, says Byron Udell, founder of Accuquote, that “group” coverage is likely not enough. What happens if you lose your job? You could be stuck with no coverage. A supplemental, individually owned term life insurance policy is an alternative, he adds.

Similarly, one of the biggest mistakes a young family can make is to go without health insurance, says Sande Drew, a senior media consultant with eHealthInsurance. “The cost to deliver a baby is roughly $5,000 and C-section is over $8,000 when you have insurance, if you don’t, the cost can more than double,” she adds.

“If the parents can’t afford to insure the entire family, consider just covering the children. The average premium for a child 17 years and younger is around $100 a month,” says Drew.  And when you’re thinking insurance, don’t forget disability coverage as well.

Get good help

You know what’s worth the extra spend, too? Getting all the tax help you can afford. There is a difference between using tax software, a tax preparation service and real tax advice from a pro. You might think you are saving money by doing your own taxes, but you could miss opportunities for deductions and otherwise screw things up. Who can keep up with the ever changing tax laws? You may not know what you don’t know.

Even if you’re young and invincible, you can give yourself a boost by planning for that far-off old age.

Get off to a good start and you increase the odds of finishing well too. Something to think about when you’re burying your chin in egg nog this midnight.