Save For Your Child When you don't have any overdue and you're fully settled in life. Then you can start saving for your child. It's never too late to help your child with the costs of living ten years later from now. Taking heavy loan for education and finding it difficult to repay back, save some on your child's account for his future use. Starting from his childhood days, schooling, college and till they are settled in life a lot of money is required and even the cost of living would have been increased. Opening a separate account on your child's name would do wonders for them later.