“Since when does the tooth fairy bring £5 notes?!”

I’m a single parent with a seven-year-old son. I’m very cautious with money – I’ve always been a saver. His father is very different!

I’m in a WhatsApp group with around 30 parents from my son’s school. A few years ago someone asked ‘What’s the going rate for the tooth fairy?’

A couple replied that it was £5. I couldn’t believe it. I used to get £1 in the ‘80s – my mum called it ‘a fat penny’! But I didn’t want to look tight. 

Soon enough, my son’s teeth started falling out. By that time, all the kids were talking about it. And they all expected £5.

In the WhatsApp group, it’s mostly couples. Only a few people are single parents. I didn’t want my son to feel like an anomaly. 

I had a conversation with my ex. He agreed to £5. If it was my way, it would be £2. But I don’t want my son to be the only one. 

I’m very sensitive to the fact his parents aren’t together. I probably overcompensate. I don’t want him to think that the tooth fairy likes him less.

Now he’s lost 6-7 teeth. I’ve covered most of the ‘tooth fairy expenses’. I wish the question was never asked! But it would’ve got back to us somehow – kids brag. 

With your first child, everything’s a learning curve. His granddad thinks it’s hilarious, we’re being fleeced by our son!

What is inflation?

Inflation is a measure of how much prices of products and services are rising over a certain period of time. As prices increase, purchasing power decreases. For example, in 2004 a Fredo chocolate bar cost 10p each, meaning you could buy 10 for £1. Today, 20 years on, a Fredo costs 25p, meaning you can only buy 4 for your £1.

When a new inflation rate is announced, this shows how much more expensive products and services have become over the past year. For example, the current inflation rate is 2% (as of May 2024), meaning products (televisions, groceries etc.) and services (haircuts, train journeys etc.) are 2% more expensive, on average, than they were 12 months ago.

You can use the Bank of England's inflation calculator to see how UK prices have changed over time.