Do They Have Layaway?

Chris Rock once described layaway as one of the best things ever, especially when you're financially strapped. Most folks, including myself, have forgotten about layaway as an option to buy things that you need but don't have the cash all at once for.
Layaway is typically popular around Christmastime, but one can utilize layaway year round. It works better than credit in that little to no interest is required, you can set up a reasonable payment schedule, and you don't feel as financially strapped. Wal-Mart had layaway for years, but discontinued it. Currently many stores such as K-Mart and Sears still have layaway.

Obviously you have only a limited window in which to take something out of layaway, often 60 days or less. You can risk losing your money paid and that item if you do not have the full amount paid in time. This turns many folks off right there. However, if you budget your money carefully and your payments, it can be very effective. Of course you shouldn't put something on layaway that's beyond your means. For example, you shouldn't put a $4000 television on layaway if you only have 2 months to pay it off and you only net $2000/month income. That's insane right there. Layaway, again, helps you get things that you can save for in a quick time, NOT live beyond your means and keep up with the Joneses.

I personally only used layaway once in my life, 8 years ago, to purchase a leather jacket. I plan on using it on a couple of items I need in the near future. I believe in paying cash for whatever you get unless its a house or a car. However, like a vacation or saving for college, we need some thing that cash on demand do not cover.

So next time you need a new TV, washer/dryer, etc, don't panic! Consider layaway.

I plan on a financial assistance blog in a few weeks so consider this the introduction. Layaway is a great start to getting the things you need and even some you want.

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