Layaway can have perks like getting some shopping done early, locking in a (hopefully) good price, and of course, spend within your planned amounts for Christmas. There can be coal though lurking in amongst those gifts though.
There can be opening fees associated with layaway accounts so carefully read the fine print. Which means you can pay more for something you aren’t getting right away. Plus it takes more out of what you can spend on gifts!
It is possible that once you lock in the price at layaway if it happens to go lower you aren’t able to get that Black Friday or Cyber Monday deal.
If you change your mind there can be a cancellation or a restocking fee for what you have in your layaway account.
There even can be item restrictions on layaway accounts that may include marked down items, furniture, and jewelry.
Of course, I have to mention the urge to spend more because you can spread the payments out. Always, always, always stick to your plan. Remember your plan can change but not while standing at the cash register. It needs to be well thought out and then adjusted. Stay the course!
Paying with cash will always give you the best edge so you can be in control of your spending at all times without any fees or penalties.