So over the years I have accumulated a few items that have very high value.  Many people have assumed I must have a high debt load because of it.  It’s actually the furthest thing from the truth.  Other than my house, car, and about $500 in miscellaneous credit card debt, I own everything I have.

So how does layaway work?  You find a place that offers it.  I’ll use a local gun store as an example because it’s my hobby and most common interest.  Let’s say they have a $700 Ruger SR1911 I want.  I don’t have $700 available cash at hand most of the time.  But if I have 1/3 of it, or about $235, the shop will allow me to place a deposit and then pay on it as I have the funds available over the next 90 days.  This allows me to budget for making the rest of the payments, and to have a great item without having to either go into debt or have all the money right then right there.

Most places offer 90 days, some will go out to six months or even a year, especially for high-dollar items.  Just remember to read the terms of the agreement, that you’re entitled to a refund if you can’t, for some reason, pay it off in time, and that you’re dealing with a reputable shop.

Enjoy your new item, that you own, outright.