My son is now at the age when the baby teeth start falling out. I forgot how exciting this event is for kids. Every day he tells me that it is going to fall out today. In anticipation, his grandmother has given him a small little box to be able to put the tooth under his pillow for the Tooth Fairy.
This naturally causes us parents to wonder how much money we need to leave as the Tooth Fairy's representative. I received a quarter when I was a child, so I thought that a quarter would work. My non-finance major wife informed me that due to inflation, it needed to be more like a dollar or two. Some recent studies show that the national average is up to $3. So that brings us back to what is an acceptable amount.
The Tooth Fairy dates back to the early 1900s to symbolize a rite of passage for the child. Money was not always the present exchanged for the tooth. Toothbrushes, toys, even candy have been delivered by the Fairy.
While there is pressure to keep up with the Jones' and what their Tooth Fairy is giving, the opportunity to make this a learning event is often lost by parents. This can be the perfect time to teach our children the value of money. Get them in the habit of dividing what they get into 3 parts. Part for spending, part for saving and part for giving to others. It is never too early to learn these smart money move lessons.
How much (or what) does the Tooth Fairy leave at your house?
Van Pappas, CFP®
Vice President of oXYGen Financial, Inc.
oXYGen Financial, Inc - The Leaders in Gen X & Y Financial Advice and Services
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