I started something similar last year around Feb/March 2010. Let me tell you this really works and is soo easy to keep up with. I did $2.00 a day, and its still going. Don't know what I've saving for yet Might send my parents on vacation or something.
I started doing this the day my boys were born. I pay each of them (savings account) $1 a day. I plan on giving it to them for their 18th b-day or 21st I haven't decided yet, I still have plenty of time to decide.... Right now they are over 3000 days old