Increase one ability score by 2, and increase a different one by 1, or increase three different scores by 1.

Being the fey creature type allows you to avoid some pretty nasty spells because you're not "humanoid."  There are some spells and abilities that will only effect or target “humanoids” specifically, and since you aren’t one as a fairy you can’t be targeted by them, can't be an affected creature and are basically immune to them. You are more susceptible to other spells, like hallow and protection from evil and good, but these aren’t as bad as the spells you gain immunity to. Your biggest worry with being a fey is the banishment spell, though this is more effected by your backstory than your creature type.

Fairies mature at the same rate humans do, and most are considered adults by the time they reach 40 although they typically always maintain a childlike appearance. They can live 350 to almost 500 years.

Fairies are as wild like the elements of nature they were created from, but also know that nature has rules that it follows. As such the fae are often neutral on the lawful-chaos spectrum, tho some do go to the ends of it sometimes

A Small size comes with some drawbacks, such as wielding certain weapons and grappling. On the other side, Small creatures are better at hiding and can more easily move around the battlefield. In the fairies’ case, the Small size’s drawbacks are quite significant because it restricts use of heavy ranged weapons, which would compliment the free, concentrationless flight they get at 1st level

Your base walking speed is 30 feet

Because of your wings, you have a flying speed equal to your walking speed. You can’t use this flying speed if you’re wearing medium or heavy armor

You're a magical creature and that entitles you to some racial spells. This gives you the “standard” racial spell ability akin to many others including a cantrip, a 1st level spell when you hit your 3rd character level, and a 2nd level spell when you hit 5th. 

Druidcraft is a fun “creative” cantrip that has a lot of potential uses.

Faerie Fire is to find invisible enemies. 

Enlarge / Reduce has great combat potential for the enlarge half and good scouting potential for the reduce half. Not to mention you can reduce yourself to finally be tiny-sized once per day unless you have the spell slots necessary to recast.. It also lets you choose between your Wisdom score, your Intelligence score, or your Charisma score for the casting stat on these spells making them potentially much more useful due to a higher saving throw no matter what class you're in.