Thrifty Thursday: Layaway?

With money being tight nowadays for many people, more and more stores are bringing back layaway options. Obviously, stores do this because they make money – on the fees, on cancellations, and on encouraging people to buy more. However, compared to putting it on a credit card and racking up high-interest fees, some stores’ layaway options are actually a thrifty comparison.

Kmart has a layaway policy running right now (Kmart Layaway for the Holidays) that, when combined with online offers, doesn’t cost anything extra. The program has a $5 setup fee, and a $10 cancellation fee. The only other cost you might incur is if something goes on sale after you set it up – but they will do a one-time price adjustment in that case (of course, you can only use it once, so if it goes on a better sale, you’re out of luck). (Maryland layaway is slightly different; visit the site for details). Right now, you can get a $5 in-store coupon just for visiting Kmart’s website, and there’s a banner ad on top that will give you another $5 coupon in-store and $5 online coupon when you sign up for their newsletter (although both of those coupons require a $50 purchase).

I don’t advocate buying things you can’t afford, but I know the temptation is there with Christmas around the corner. Layaway can provide a much better option than credit cards, as long as you can fulfill the payments by the end of the period (8 weeks of bi-weekly payments for Kmart). Make sure that, before you sign up for any layaway policy, you know the fees and cancellation fees that you might be subject to, so you don’t find yourself out more money than you bargained for.

Note: this is a sponsored post; however, the opinions expressed are my own.
Kmart Layaway for the Holidays