Forget opening store credit or using credit cards to pay for items. Instead, take advantage of layaway programs at the store (varies by retailer). What is a layaway and how does it work? A layaway service is an alternative to making one full payment on a purchase by paying a minimum amount every week or month of the purchase over time until the item(s) is paid off. The cost to use the service is affordable and is an excellent way to manage funds while sticking to a budget.
However, the cons to a layaway for some people that have used the service are that there are fees to start or to cancel the program (usually, no more than $10).
If you are considering using the service (especially during the holiday season), here are several store layaway policies. Click on the links below.
- Baby Depot
- Burlington Coat Factory
- T.J. Maxx (not offered in all stores)
- Zales (see store for details of the “Exclusive Ten for Ten Layaway Plan”)
Before beginning a layaway program at any of the stores listed above, find out the answer to these questions:
How much do I have to put down?
How much time do I have to pay off an item(s)?
What happens if I miss a payment?
What if I do not want the item(s) anymore, can I get a refund or store credit?
What happens if the price of the item(s) is marked down?