Jimmy Kimmel Forgot to Play Tooth Fairy to Daughter Jane, 8, When She Lost Her First Tooth

Jimmy Kimmel's youngest daughter Jane, 8, is growing up fast and hitting all the adorable milestones, including a visit from the tooth fairy.

"My daughter is very precocious," the 54-year-old exclusively tells PEOPLE while celebrating his pal Chris Bianco's appearance on Netflix's Chef's Table: Pizza in Los Angeles. "She's 8-years-old. She just lost a tooth, which is exciting, so we have to remember to put that money under the pillow tonight. "

The talk show host and his wife, comedic writer Molly McNearny, had to drop extra cash for the fairy's first visit because they forgot to hit the ATM for smaller bills.

"Last time, I forgot and I had to throw a much too large $20 bill under her bed because that's all I had," the comedian shares. "We had to explain, 'Oh, it's the first tooth. Don't expect $20 every time.'"

Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.

PictureGroup for The Walt Disney Company/Shutterstock

RELATED:  Quinta Brunson Jokes She Might 'Punch' Jimmy Kimmel After His Emmys Stunt During Her Win Fell Flat

The apple isn't falling far from the tree in Kimmel's home. Also parents to son Billy, 5, the couple has little comedians on their hands already.

"They are very funny," Kimmel adds of his kids. "Well, they have no respect for me whatsoever. They make fun of me. They're just goofballs."

But the one thing the father cannot get his kids into is good cuisine.

"We had a fight the other day where they told me Chuck E. Cheese was the best pizza," Kimmel says with a laugh.

Jimmy Kimmel Instagram Jimmy Kimmel, Molly McNearney and kids Jane and Billy

While there's still a lot of growing up to do, little Billy already has some big ideas.

"My son is 5-years-old [and] he's actually into shipbuilding," Kimmel jokes. "And no, he likes Spider-man and showing his penis to dinner guests."

After a summer hiatus, the father of four (Kimmel has 2 adult children from a previous marriage), is ready to kiss his kids at the door and head back to work.

"I'm super lucky that all these people were willing to play talk show host fantasy camp for a couple of nights, or in some cases a whole week," Kimmel says of the revolving door of celebrity hosts who have filled in for him of late. "I appreciate it because after 20 years it's a grind. It's nice to have a couple months off."

Jimmy Kimmel Live! returns this fall to ABC.