As a child, I remember being dragged to the store and forced to try on item after item only to find out none of it was coming home with me. Of course by this point, I was actually excited about the prospect of getting a new Garanimal outfit.  As we left the store, it was explained that I would be getting the outfit at some point in the future once it was fully paid for.

This represented a time when extending credit on a mass scale was rare and practically non existent. Middle to lower class families with several mouths to feed and clothe had to carefully plan purchases and weigh wants and needs very carefully.  As the 80’s emerged, everyone with a small job could get a credit card while layaway purchases became passe and a thing of the past. 

People slowly began to blur the line between needs and wants and credit purchases went crazy. Fast forward to today’s economic times and we can see that credit has tightened and limited to consumers. Stores that are heavily dependent on consumer spending had to find ways to move their wares and have returned to the LAYAWAY.

With the holidays approaching, many major retailers are reinstating the layaway allowing people to “storage” selected items as they pay on them until the retail price is met in full. The layaway programs vary in terms but all seem to favor a small $5.00 fee to initiate and a $50.00 minimum purchase.

Some of the participating retailers are:

  • Best Buy
  • Sears
  • KMart
  • Walmart
  • TJ Max
  • Marshalls
I am a big supporter of the Layaway concept as it forces shoppers to fully evaluate their plans. EVERYthing is possible if it is properly planned out. Layaway plans help people avoid impulse purchases and determine when something is out of reach or simply unnecessary. In some cases, it is smarter to pay the restocking fee and walk away from the item.
If consumers can take the time to prioritize their holiday spending,…. maybe, just maybe, they will begin to slowly prioritize savings.
#dimes2dollars