Wednesday, September 4, 2013

Tooth Fairy and Inflation

Do you remember when you were a kid, the anticipation you felt when you lost a tooth? You just KNEW that you were going to wake up the next morning to find a quarter or a crisp dollar bill. 

Boy how times have changed!

When Boy Child and Girl Child lost their first tooth, the going rate was a staggering $5!! $5!! Each tooth after that is $2! When I was a kid, I was lucky to get $1. One year I remember, my mom was broke, so I got FOOD STAMPS! Remember when they came in those little certificates? (Have I just dated myself here?). 

In my house, we use tooth fairy money as a learning experience, even if they don't believe in the fairy anymore. My kids already know that we are a frugal bunch. We shop at DollarTree a lot, they know all about Goodwill....just yesterday, they were "helping" me with a yard sale. 

Generally, when they get money from the tooth fairy, they will hold on to it until we go to DollarTree, so they can get more bang for their buck, so to speak. They know everything is $1, so they can get more items. They enjoy getting to spend the money on their own, to pick out the things they want. They are 9, so we are always teaching them about change. It's something we feel is extremely important, so that they learn financial responsibility, even if it is something that WE struggle with some times.

If you have a DollarTree or any other specialty store that offers items for $1 or less, I suggest taking your kids there with their earning from the Fairy. Or encourage them to pick an item and save every bit they can. Our kids do that too, and we often match what they've saved when they get to the half way point. This especially comes in handy with the boy child and his love of video games. Thank goodness for Game Stop, that's all I'm sayin!

How do YOU help your kids learn to "save"?

This post was written to participate in Credit Card Insider's series called "What I Learned From The Tooth Fairy". I was not paid to write this post.

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