By definition of the term “lay-it-away”, consumers have the options of a later pick up of an item or product when they are financially ready to pay for the price. A deposit is paid to the seller to reserve or lay the item away from other customers until the original buyer paid for it in full.

An agreement could also be made between the seller and the buyer whereas the buyer could make smaller payments for the item until it is paid in full. Only then would they be able to procure the product and take it home.

This is an amazing payment scheme for those who are in need of a product in the near future but does not have the means to pay for it yet. If this is your current situation, read and follow the below tips on how you could fully maximize the benefits for this payment scheme without being overwhelmed with the monthly payment.

Don’t think it’s a long-term payment plan

The first thing you need to do is to have a mindset that a lay-it-away is not a long-term payment plan. If this is your mindset, you would not procrastinate in paying thinking you’d just pay for the interest or late payment fines. For example, you want to purchase an item that is worth $200. Allot $40 weekly and by 5 weeks you are done in paying for the product. Don’t let a layaway plan balloon into a payment scheme that you struggle with paying for.

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Don’t bite more than what you can chew

If you already have an existing lay it away payment plan, finish this one first before you take another one. If you are following tip number one, then you would not need to worry since you will finish paying for the first product in no time. Use your planned purchase as a motivation to finish the first purchase on time.

In order to avoid being tempted when you are visiting the store for the payment, just pay and leave. Don’t walk around and browse. Do this when you are done with the payment scheme. If it is possible for the seller to auto debit your payment, all the better so you would not have to come to the store every time. Just make sure though that they are legit and would only debit the amount agreed upon.

Keep a record of all your payments

Every time you pay, keep a record that you have already made the payment. Not only will this be your proof that you are keeping up with your end of the deal, this will also be a physical reminder for you that you are almost done with your financial obligation with the seller. Tick the box every week that you made the payment and this little action will program your brain into looking forward to paying the next week and ticking the next box.

Before you go ahead and avail of one of the lay it away plans that the store is offering, make sure first that you understand all the terms and conditions of the store to avoid any future surprises.