Credit card.  Owner finance.  Debt.  Broke.  Run!  These are all the first thoughts that came to my mind when I recently saw an ad promoting layaway at a major retail chain.

It seems it has been a long time since retailers have done a layaway push.  They either haven’t been promoting it or it is a retro service they are bringing back.  Either way the ads remind me of the bike I bought using layaway when I was like 13, and the Nintendo our family bought using layaway when I was like 10.

Of all the terms that came to my mind when I saw that ad “owner finance” is probably the most accurate one because layaway is making payments on something the owner might take back if you stop making payments and you’re out the money you’ve paid, just like an owner financed house or car.

There is a better alternative. It’s called the KNOWN UPCOMING EXPENSES CALCULATOR.  It helps you plan how much to save for Christmas all year long and then pay for stuff without borrowing time or money when Christms arrives.  It might be helpful to start using this tool now so that next Christmas layaway can go back out of style.

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