When it comes to your kids, it's never too early to start saving. The trick is to invest a small amount on a regular basis over a long period of time.

The easiest way to get started is to open a children's savings account. They may pay higher interest and charge lower fees than regular deposit accounts. Your child's school may also run a savings programme in partnership with a local bank.

Be prepared

To set up a bank account for your child, you will need their birth certificate or passport and their IRD number. Yes, your child, even a baby, needs their very own number for tax. If you set up the bank account without registering them, they'll have a much higher withholding tax deducted by the IRD.

Teach them well

Building a nest egg for your kids gives them a great financial head start, but it's not enough. You have to teach your children about money and encourage them to get into good saving habits. Get them a piggy bank when they start school. After they get the hang of saving, open a savings account.

To get teens interested in investing, commit to a plan together. A positive way to support them is to match the amount they contribute to their savings each month.