I saw this article on Yahoo this morning.  Looks like spending within your means and saving money is cool again. Who knew? I didn’t realize I was out of fashion by being smart. I remember when I was little, going to Kmart and my mom putting stuff on layaway. Now many stores are bringing back the practice. I wish I could find a clip of Chris Rock doing his bit about layaway but I can’t. It’s very funny. I think layaway, if it’s no-interest, is a great idea for bigger ticket items like gaming systems or a big appliance.

Anyway, a few tips–

Make sure that any fees or charges aren’t cost prohibitive.

Read the fine print. If you are late with payments, you don’t want to forfeit the item and your money. Or, what if you change your mind about the item?

Can you make payments online? If not, be careful if you are lured in to the store every 2-4 weeks to pay. The more times you enter a store, the more likely you are to make unnecessary purchases. If you go to make payments, just make the payments and leave. And make sure the location isn’t a hassle for you.

Can you buy the item on sale AND on layaway? What happens if the store offers that item at a lower price during the duration of your layaway period? Can you get an adjustment?

Happy Holiday shopping!