LANSING, Mich. (WLNS) – It’s Parenting Connection Tuesday and 6 News is here for you with tips, strategies, and helpful reminders from local child development experts on how we can be better parents and guardians.
Today’s topic: Teaching money skills via the Tooth Fairy.
February 28th is National Tooth Fairy Day and according to the newest Delta Dental research from its 2023 Tooth Fairy Poll, the average value of a single lost tooth has increased by 16% from last year, going from $5.36 to $6.23. That’s a lot of money, per tooth, kids between the ages of 5 and 12 can earn — and according to some growth development experts — a perfect time to teach some basic money-saving skills.
According to recent research, many of the habits we carry into adulthood involving money start to set in by age 7 — right when many teeth start to fall out. So, growth development experts say, because the tooth fairy is usually the first time for many kids money is given to them, it makes sense to try and incorporate good habits. Here are 6 easy ways to do so:
*Get your kid a piggy bank. This allows your kids to start counting and saving.
*Help your kids plan for future spending. Experts say, if there’s an item they want, they will make an effort to save for it.
*Allow your kids to shop for themselves. This helps them to quickly understand how to make better choices.
*Familiarize your kids with the bank.
*Show your child how to create and manage a small budget.
*The best way to teach your kids about good money management is to lead by example.
By the way — at the current rate, in the year 2048, the tooth fairy would be leaving a whopping $30 under the pillow for a single tooth.
