Layaway shopping (Wal-Mart)
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Layaway shopping (Wal-Mart)
So how many of you layaway shop? I know I do. For everything. Well Wal-mart pu tout that as of November 19th they will no longer be a layaway store. I think this is awful. They are going to lose allot of business. They will lose allot of my business.
You can call 1-800 WALMART to complain about them closing layaway..I have 2 DSD that wk for Wally World one wk in layaway during the holidays...She said for everyone to start calling that number and complain...Lets see if we can change their MINDS...I use layaway all the time...Lets let our fingers do the talking!!!
No layaway here. Don't you have to pay extra to put it on layaway? I guess I do not understand the concept of putting it on layway? Is it so they store your stuff?
It give you time to pay on it...usally it $3.00 but I don't think Wally World charges this...You have to make payments once a month at wally World
Wal-mart charges nothing. And it is for the easy of knowing my shopping is done I just have to pay it off before they give it to me. I make a list of things I am buying and put it all in at once and pay if off over 60 days then take it home. If i could only shop when I had enough for 1 item it would take me forever.
I also do this in March when the summer cloths come out and after it is paid off it is almost time for summer and they need the cloths. Same in August for warmer school cloths.
I will be calling for sure.
Our local store is doing Christmas lay away this year, and after all is picked up in December, there will no longer be lay away.
Wal-mart doesn't charge, and at least at our local store, you don't even have to pay every month. As long as you pay your down payment, you don't even have to pay another payment until you pick it up!
We use it every year. We can't afford to just go out and buy everything. And we don't want to put in on credit cards, either. It's also convenient, because we don't have to worry about hiding it. We usually start in August or September, and then pay a little at a time. I'll definitely be complaining...
Instead of paying on layaway, you could just "pretend" you have a layaway, and put your payment in a jar or an envelope. Then you'll have the total amount in cash, and you can go to the store and buy whatever it is you saved up for.
We have no credit cards at all. I wish we had at least one, for emergencies, but we don't even have that. We paid them off and completely got rid of them all. So now we save up for what we want, and then go buy it. It feels great to make a large purchase that we've saved for and looked forward too. And, to pay for it with cash is even more exciting.
We have a savings account that "Keeps the change" with our debit card purchases. We use our saved money to buy Christmas gifts. It's easier to save money than it is to keep track of layaway payments, I would imagine. JMHO. 
I buy all year long (love the clearance sales) so I really do not have any big purchases. We also do not have credit cards.
Well, keeping track of a layaway payment isn't exactly rocket science...
See, we have tons of medical bills, and since I am currently only woring several days a month, we are pretty much a one income family.
Sure, we know how to save money, but problem is, there's always something that we need to use the money on, or something will come up that we have to pay. If the money is there, it will be used. And not on frivolous things, but on necessities. Once you have two children in school, you'll see that there is always something that has to be bought or paid for.
If something is on layaway, it is treated as another payment. The money is accounted for, so we don't use it on other things, and Christmas gifts get bought.
Ditto-Adena, Saving money over a year ago with 1 child was much easier for us.Now with 4 dk's money is always going somewhere.It was nice last year, I filled my shopping cart up and put it all on layaway.I work in the pharmacy at Wal-mart so I also get an extra 10% off on everything.I also don't find it too hard to figure out how much I have left owing.
My parents always used layaway when I was growing up, but I really didn't think any stores did this anymore. I see the point of it, but it's just not for me.
We have a Christmas club that we contribute to monthly,with interest, so in October, we get a big check. What's there is our budget for Christmas, not one penny over. Nothing gets charged and nothing gets saved. We spend every dime for Christmas and have fun doing it because we never really realize we're saving it! It's just a "free" check that comes that month...it feels like it anyway. Then we put all Christmas charges on one cc and write one check to pay for it. Christmas is financially hassle-free for us, which makes it even more fun.
"Saving up" for Christmas is just not possible for some of us, because by the time we have the money saved up (like maybe mid-December), all the good stuff is gone. Layaway is a method of getting stuff "set aside" before it is picked over, and knowing that Christmas, etc. is taken care of...it lessens the stress factor, for those who don't have or don't like credit cards. And having them store the stuff is a bonus, too. I did all the kids back-to-school supplies in late July, and then went the week before school to pay it off and pick it up
Also:
"Instead of paying on layaway, you could just "pretend" you have a layaway, and put your payment in a jar or an envelope. Then you'll have the total amount in cash, and you can go to the store and buy whatever it is you saved up for."
This would not have worked for the things that kids want that sell out quickly (i.e. the Nintendo DSs a few years ago, and the Xbox 360s last year. We were able to get these through layaway, and the money we have to spend on our own kids for Christmas comes from what we make selling toys on Ebay *for* Christmas....)Everyone's financial situtation is different, and, while layaway might not be useful to some, it was nice to have the option (and without interest tacked on!)
Deanna, where do you do this "Christmas Club"? Is it offered through your bank or is it an independent account? I love the idea of this but I've never heard of it.
We don't use layaway but I know a few people that do and it seems like a very low-stress thing for them. Whatever helps make your Christmas a little easier is a good thing in my book!
Tink, Christmas clubs are through your bank. Ours isn't an official Christmas club account, rather a separate savings acct just for Christmas (i.e., we have one checking and 2 savings accts). For the Christmas acct. our bank takes $25 per week out of our checking acct, then by Christmas we have over $1000 to spend. We NEVER spend that much on Christmas so we either put the extra in savings, pay off bills, take a trip, or something of that nature. It's a pretty painless way to save.
Our local bank and our local credit union both have always done Christmas Clubs (though, now in the interest of political correctness they call them "Holiday Clubs"). Even when I was a little kid I had a Christmas Club. You can get them in different denominations. When I was little, they were 25 cents a week, 50 cents, etc. My Dad used to do a $1.00 a week one for my sister and I both, which gave us FIFTY dollars at Christmastime. That was a LOT in 1957!! LOL! Even after we got married, Dad continued to do a Christmas Club for us. DH and I bought our first stereo in 1968 with our CC from Dad that year.
You can do it two ways. You can either have it taken out of your checking account, or you can get a coupon book. Every week, when you make a payment, they tear a coupon out of the book. It is fun to watch the book get thinner and thinner. Our credit union starts them early (the first week in October, so you get your check the following year, the second week in October, so it gives you plenty of time to shop for the "good" stuff. The lowest denomination you can get now is $2.00 a week. Little kids love them. DH and I do two twenty dollar clubs each week, which gives us $2,000.00 in October. Since most of my family birthdays are late in the year, too, we also use some of the money for that. It iS nice getting that check, with a little interest thrown in. One year, I had to use it for emergency dental work that my insurance didn't cover, but at least I had it. This year, I am also using some of the money to buy new tires for my car.
My boys do a $5.00 a week club, each. They hardly miss the money, and it gives them $250.00 at the end of the year. It seemed to me that when I lived in other states, they had them. If the banks here ever tried to get rid of them, there would be a big protest from the customers. They are very popular.
The reason i use Layaway is because i don't have the money at the time all the good stuff comes out...so i put it in layaway when it first comes in and then i have it until December when my husband get's his bonus check...I do not however use Wal-Mart Layaway during christmas time...
Pam answered the Christmas Club question perfectly!
Yes I too use Wal-Marts Layaway plan. Not only for Christmas( but that is the main time) I do use it for winter , summer and back to school shopping.
And Ditto Adena, you hit the nail on the head. with two kids in school there is always something that is needed( like you said a necessity) and the fact that I'm a single parent that has to pay rent, buy food , transportation and doctor bills along iwth the other things that just have to be had( soap, toilet tissue, etc. you get the picture) I don't always have money when the new toys hit the shelves. ( Not my chioce but I do live pay check to pay check) I mean I have a savings but not a savings/checking account but not a savings account it's strickly for work to pay the bills.
I will diffently be one of there customers on the phone to complain, but if this is what they want to do then they are going to do it. Luckley for me in my area Kmart still offer layawayand I currently have stuff for the kids on layaway there and I will just have to utlize them ( Kmart merchandise is higher then Wal Mart's by anywhere form 4 to 10 dollars depending on the product) but unless I have the money to buy it out right, then this is something that I will have to do.
As far as the Christmas clubs go they are great , my mother had one when I was small. I thought it was nice,I used to buy savings bonds when I first started work, but eventually tired the savings club , but haven't been able too in the past two years, so what i've been doing is having a little extra put in to my TSP account and I've only done it once last year but I was able to withdraw a 1,000 from there and that helped out with Christmas.
So I'm going to do my part , I'm going to calla nd I can name over a dozen of friend's and family that will call also. So maybe we will get through to them as too how important this is to there customers.
So, if they do away with layaway, are you not going to be able to buy stuff at Christmas now? Just trying to put things into perspective. I think layaway is a vice. Don't throw tomatoes at me because it's JMHO.
I think if you can afford it eventually, you can afford to save for Christmas and clothes. Things you know you are going to need to pay for. I also think that sometimes it can make your eyes bigger than your stomach. If you see something you want, you'll end up spending more money rather than picking things out that are within your saved budget boundaries.
I can definitely see why WalMart is doing away with layaway. If they have to "save" your stuff, that costs them overhead I would imagine. (Meaning they would have to keep your stuff in a storage place and that costs money. Especially if it's for months at a time)
Which, in the end, that cost gets passed on to the customers. I bet they are saving you money by doing this, actually...
JMHO
I was in wal-mart today and overheard the manager talking to a couple. Ok, I was eavesdropping because I heard them talking about layaway.
He was telling them that they would be surprised at how many people put on layaways and never get them off. He said that wal-mart pays employee's in layaway to cashier, stock, clean and so on. In the end, they are only completing a percentage of the sales. So, they are losing money. The people that don't pick up their layaways get to have a refund on what they've paid I guess? Then the items have to all be restocked.
Just thought it was interesting and wanted to pass it along.
No of course not heidi, I would be able to buy my kids Christmas gifts. But like someone mentioned ealrier, that you might miss out on the new toys, steros, games, etc that come out for the year beuace you don't have the money to get them when they come out. Granted I know that the store will continue to sell those items, but at the same tiem if they are new items then they are out of stock regulary and you want to get your kids what they ask for
(especially if they are good kids, doing wonderful in school and have good behavior.
But I heard that all stores(Marshall's, TJMaX, KMARTS,etc. are thinkg if doing this.
Do I think they are saving me money by lettign me place items on layaway, no I do not, I pay the same amount for the items as anyone else would.
Breann what you have overheard is true. it's not just at Walmart but other stores that I have used Layaways at ( Back when Ames) was open you would be amazed at how many people put items on layaway and then don't either come back for them, or just come back for there money. So they do have to restock that stuff. I've often asked my friends why havne't Walmart started doing like other stores ( charging a cancellation fee for Layaways and I bet that would stop folks from taking advantage). Althougth Targets doesn't
or never will have layaway, thye do have inthere policy a restocking fee on certain items you return. Since there existance they have also changed there return policy, you used to once be able to return items and just fill out the reciepts becue you where able to return without having a receipt, But noew you can't even exchange an item if you dont' have a receipt, unless you paid my check or credit carad and thye can look that up in there system using your name. But I can totally understand and agree on that because, you have some folks that work at the stores adn have there friends come through ( know someone who has done this) the line and get stuff and not pay for it all and a few days later return what they didnt' pay for and get money for it. So I welconme there new policy althougth I have lost out on being able to return a few things myself, so what I do it I try to use my check card each time I shop there.
But I'm going to leave this alone, I feel that I'm going into other mattres that aren't relevant and if you managed to read this far, thanks for letting me ram on and on.
And just like so many other things have come and gone over the years, we have managed to go on without it , layaway will just be another one of those things of the past that we once had adn had to part with. But everoen will be allright. I'm sure we all will find a new way of doing what we need to get done.
Heidi, I'm just not sure why you are being so condescending about lay-a-way. Fine if you don't want to use it. But calling it a vice and acting as if those of us who use it are being irresponsible? I find that offensive and honestly, a little over the top. It isn't as if we are running up credit cards. We are simply using a payment plan, one without interest, and one that we have to completely pay in full before receiving the items. HOW is that such a bad thing? We ARE saving for it. We are just choosing to do it in a different way.
It is wonderful that you are in a place in life where you don't have to worry about something like lay-a-way. Where you have the extra money to save every month. Where you don't have to worry about each purchase you make or whether the kids have to have extras at school this week. That's wonderful. Unfortunately, not all of us are in this situation. And speaking for myself, my reasons are none that could be prevented or foreseen. They are all due to medical causes, and yes, we do pay for insurance but when you have as many issues as I do, and as many different doctors and tests that I have had, even the copays really add up. Just wanted to cover all the bases there...
Lay-a-way a vice? That's a stretch. I agree, with Luvn. The people that do layaway are not the irresponsible savers and spenders they are being portrayed as. It's just a different way to shop. And, it really is a good way to get those quick selling items.
I have a distaste for layaway because my mother was so irresponsible with money and she used it all the time. So, this is where I'm coming from. If you save $10-$20 a month, you can still buy the quick selling items without costing the company which, by the way, you are paying extra for...you just don't *see* the extra cost. You buy it when it comes out because you've saved the money for it. If it takes a year to catch up to be able to do this, then do it. And, if you don't have the money for it, you don't buy it.
I've worked very hard to get out of debt and I've been in your position. My mother lost her house because she was so terrible with money and I had to pay off her mortgage in college. It was something beyond my control like medical problems, etc. (She needed a cosigner and I definitely regret it. What was I going to do? Say no to my mom?) So...I'm not judging, I'm just saying that I believe it's a vice. If companies do away with layaway, it will save you money which, I would be happy about.
And, I'm sorry if I offended you Adena. Not everyone is as diligent with layaway like you are. And, BTW, I do watch *every* penny...like a hawk. I've also learned (the hard way) to plan for a flooded basement, unforeseen hospital bills for Connor, and dental bills for my mother who is in a nursing home. Medicaid/Medicare doesn't pay for dental care and she needs all of her lower teeth surgically removed and 2 new sets of dentures just so she can eat...all of which my brother and I will have to split. So, please don't assume that I'm carefree when it comes to money. My DH and I have worked our tails off and have eaten many Ramen dinners to get out of debt and save. We eat at home for every meal, don't use vending machines, use hand me down clothes, and buy in bulk. We also pay ourselves first. We even laugh about the $5 we used to put away in savings a month when our budget was stick thin and we were knee deep in debt.
I am not sure I agree it is a vice. But I guess I also don't see the purpose. I had never heard of layaway until I married my hubby and he has a sis in law that uses it. It kind of just suprised me that she did. I grew up very poor, also due to medical stuff (my mother lost her insurance and had MS), so every penny counted. We just didn't get for Christmas. I know through my sis in law (not the scrapping one), that there were many years she couldn't get it all out. She did often put in too much.
As for costing money...it does cost the store money, extra people, extra space, extra paperwork, and in general if you put something seasonal in layaway then they can't put it out at regular price. So a store having lawaway raises the cost of everything. I general don't shop at stores that have layaway partly for that reason, partly for other reasons (walmart isn't my fav place).
I have never used layaway. My sister does though and puts like $700 in layaway and gets it out in like 3months. I figure if in 3 months she can scrape together that much money then she could save a lot more during the year. I think the most you have at walmart is like 90 days or something. It is not like you can leave it in for long periods of time. Whether or not walmart has layaway doesn't really matter to me, but I tend to agree with mrsheidi.
I definitely don't think it's a vice! To me, it's the same as buying something on a cc that you don't intend to pay off.
My parents used layaway ALL the time when I was growing up and I remember my mom telling that this is the way she could buy school clothes and christmas because she was able to pay it off over a certain time period. I remember when they used to have layaway specials where the layaway would run longer (6mths. let's say). To me, it's just another way of paying for something slowly.
I think I used layaway once as a teenager because my mom recommended it. I haven't used it since but I think it's a great option for those who can benefit from it.
Ditto Deanna. We don't use it but I certainly think it's a practical option for those that can't pay for something right away or those trying not to run up a credit card bill. Personally, I think it's better than using a credit card since the customer isn't paying interest and, if something comes up and a payment isn't made in time, it doesn't reflect poorly on their credit report. Unless someone regularly abuses the system (and I'm sure some do), it seems like a perfectly reasonable option. And I sincerely doubt that Walmart's prices are going to go down in response to doing away with layaway.
Anything can be a vice, if done irresponsibly. It's on each person to choose what is the right choice for their family and their finances. What's right for you, Heidi, may not be right for Adena, Tonya or myself.
This is a disgrace to me. I have used WalMart layaway a few times and was about to use it again this weekend, but I guess I want. This was a way for me to what my kids wanted and pay on it. Not having to pay the interest rate on my cc. WalMart is only trying to keep up with Target. I do budget every month, but I have 2 kids, a HUGE house payment (2000.00) and a l lot of other payments. If you people can just out right buy it, then I am proud for you, but don't begruntle those of us who can't. Maybe in the next 30 years when my mortgage is paid, kids are gone, I can do that, but until then let's call Wally World!!!!!!!!!!!!
For me it is like Tink said I have a budget and a plan but don't want to use CC to get things. When the new stuff comes out of I want it and cannot afford it then what my kids are told so sorry nothing I can do. No way I put it in layaway and pay on it until it is due out.
I put a layaway in last weekend and it was 60% of my shopping for Christmas. I want the new stuff not the left over picked through stuff in December. So now I can pay on this until November 17th and get it out and not have ran up a CC or missed out on something for my kids.
I'm not saying use a credit card, BTW.
Savings > Layaway > Credit Card
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