Lately, I’ve been seeing a word pop up all over the TV and internet that I haven’t seen since the early 90s: Layaway. I remember my Grandmother used to take advantage of the layaway program at her local stores and was able to get all of her grandkids presents for their birthdays….all 13 of us. She was also a big fan of the Christmas Club at her bank. I always think I got this frugal bug from her and remember things like this convinces me even more. But, when it comes to Layaway, is it really something that benefits those of us that are already frugal?
Big stores like Walmart and Kmart are bringing retro back by offering layaway to their customers, creating an option for parents to get their kids those “must have” gifts by paying it off weekly. I’m assuming this is in response to the somewhat lackluster sales they had last holiday season. It looks like they are finally realizing that most households are trying to stay away from paying for Christmas and Hanukkah with the credit cards and if they can’t pay cash, they won’t get it.
This seems to be the way to go if you don’t save, or shop, all year for the holidays. I see the stores participating in layaway acheiving a great increase in profit this year, just by offering this to their customers. Also, those responsible shoppers that do use it, just may leave the store with not only their layaway purchase, but with some great stocking stuffers they’ll see on the way out. Again, a big plus for the companies.
Are any of you taking advantage of the layaway programs? Do you have family members that are excited about this new option?