When should I start saving for my child?

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! :)