When should I start saving for my child?

I don't know how wise you are in financial handling but there are people who start saving for the child from the very day the child is born. And here I read someone has the view that one must start saving even before the birth of the child. And that I must say is so intelligent. I wish I too was this wise. But now I too feel is that whenever you come to know about your pregnancy one must start saving some money. Or sooner you start saving money for the baby, better it is, as you would realise its value when he or she would grow up and that little money which you save now will be such a substantial thing at one point of time.

Savings can start even before the child is born. I started a savings account for my kids the moment i discovered my pregnancy. By putting aside $200 a month, its the fund which i will use for their future education purpose But if you are not as discipline (i am so not disciplined), certain banks have savings plan which have term of 5yrs or even 10years. By the end of the term, you will be able to withdraw that sum of money which you saved monthly for their college funds! I have got mine with DBS. www.dbs.com.sg So far its doing well and i may consider taking up another one!

Saving for your child's future needs (such as education fees etc) can start as early as possible! But it will be good to find out more from a financial advisor as there are many financial products out there to consider. Things you need to keep in mind when taking up investments or structured saving plans would be your potential need for cash (on hand), whether you could have an amount you can afford to set aside every month, your estimated fixed and variable household expenditures etc etc. Bringing up a child is definitely going to cost quite a fair bit and it is always best to start early. :)

If you are thinking about saving for your child to inculcate the good habit of "saving money", I would suggest to start by keeping aside all the red packets gifted to him/her. Getting a piggy bank or setting up a child's savings account would do. When he/she is old enough, explain the existence of the piggy bank/bank account. Once he/she is getting pocket money, let your child manage his/her own savings. I personally think having the physical piggy bank is fun and you could then bring your child to set up his/her own bank account once your child is ready to bank in his/her first saving! :)

There is an old saying, "The best time to plant a tree was 20 years ago. The second best time is now." When you should have started is irrelevant and where others are in their financial planning is also irrelevant. Start saving now. You might want to talk to a financial planner and learn about savings accounts or educational plans for your child.

Start saving the moment you know you're trying to conceive. I believe that when you're set on bringing a child into the world, you'd need to be aware of family planning and having a life plan and that includes financial stability. You can start by opening an account dedicated to your child's financial needs and add in whatever amount you'd like every month.

Savings can start even before the child is born. It depends which you are more comfortable in. Example would be putting in banks, fix deposit, investments, investment link policies, endowment plans, etc... The earlier you start, the better. In fact, when they r bigger, u can cultivate them to save easily.

Start as early as you can. You don't have to wait for a certain age before you start saving. It is our primary responsibility as parents to secure the future of our children. You may start saving in a bank or investing in educational funds for future use.

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Since the economy gone bad, inflation everywhere, war potential and education cost increases every year, I suggest you to start saving from now on.