CHICAGO, IL--(Marketwired - Jul 11, 2013) - As part of BMO Harris Bank's ongoing commitment to financial literacy and Making Money Make Sense, BMO Harris is providing weekly financial tips. In honor of the 100th anniversary of the profession of dental hygiene, this week's tips are designed to help the Tooth Fairy better manage her money.
"Dear Tooth Fairy: It finally happened. I lost my first tooth. Now you are here to take my tooth away to tooth heaven. I know you aren't Santa, but I've been really good so I am hoping that means you will leave me a LOT of money. Love, Sam."
The cost of being the Tooth Fairy has risen substantially over the past several decades. In the 1960s, a typical amount left under a child's pillow was $.25. These days, not only do some children receive as much as $10 a tooth, there are websites where you can purchase special pillows to hold the baby porcelains. At $10 a tooth, the Tooth Fairy is looking at $200 per child, assuming he or she lose all of their primary teeth. For a family with three kids, that could pay for a lot of dental work.
BMO Harris Bank provides tips to help the Tooth Fairy and her helpers survive the toothless years without breaking the bank:
- The Tooth Fairy doesn't have to give the same amount of money for each tooth: Perhaps you explain to your child that their first lost tooth was special. Consider $5 for the first one, and $1 - $2 for subsequent losses.
- Impart a money lesson: Use the opportunity of the "tooth money" to teach your child the importance of putting some of your money away in a savings account.
- Supplement the cash: Visit the dollar store and stock up on small, fun items that you can add to the cash the Fairy leaves for your child.
Whatever you do, BMO Harris Bank encourages you to be excited with your child. Before you know it, they'll be 18 and you'll be missing their toothless grin.
For more personal finance tips visit: www.bmoharris.com/helpfulsteps.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through over 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank(SM) is a trade name used by BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and $555 billion in assets (as of April 30, 2013).