For What It’s Worth
“I went freelance to save on childcare costs.”
By Anonymous contributor
For What It’s Worth
“Since when does the tooth fairy bring £5 notes?!”
Inflation has hit the tooth fairy! And there’s pressure to keep up, which is tricky as a single mum.
13th August 2024
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!
Illustration credit: Emanuel Santos
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.
Ready to move on from cash and coins? Say hello to Kite, our free debit card for kids.
Learn more about Kite
