Lay-By – Lay-Bye

Save Money Buy On Lay-By

I remember before store credit accounts and credit cards people use to lay-by. My mum always uses to buy items on lay-by if she did not have the cash. The items she used to lay-by back them was clothing, bedding, and kitchenware etc.

I clearly remember going with my mum to help her carry the items home when she made the last payment. This a good way to buy when you do not have the cash on hand.

I noticed stores are bringing the option to buy items on lay-by back. And stores that never use to have the option to buy goods on lay-by are now adding the lay-by option as a way to buy goods from them.

This is a wonderful idea and great for the consumer. This gives the consumer another option to buy goods when they do not have the cash or do not want to put themselves in more debt.

Stores That Offer Lay-By

I remember Ackermans, Pep Stores, and some furniture stores use to offer the option to buy on lay-by. Today major stores like Game, Queenspark, Jam Clothing, and other clothing and footwear retailers are all offering the lay-by option.

For the stores, there is no risk compared to when the stores sell on credit to the consumer. This is also great for the consumer seeing that it does not put them further in debt and the consumer will know exactly he or she can afford to pay.

Opting To Lay-By

• There is no extra cost involved when you opt to lay-bay.
• You will only pay the amount of the item.
• You must down a deposit to start the lay-bay.
• Depending on the store you will have up to 3 or more months to pay off the item.
• The store will keep the goods until the full amount is paid.
• Make sure you inquire about the lay-by terms and conditions each store is different.
• If you miss or stop payments then the store might cancel the lay-by.
• Some stores might charge storage if the goods are not collected within 14 days after the final payment.

Benefits

If you are living on a tight budget and you are always looking at ways to save money then this will be a very good option. There is now interest charges or any other cost involved in opting to lay-by the goods. The only thing is that you will not immediately have access to the products until you have made the final payment.

I think the only drawback is that you will have to plan a couple of months ahead on what you will require. The lay-by option works well for clothing or items you might need for your house months ahead.

This might not be an option if you need an item when there is an emergency for instance if your fridge or stove breaks down. But if you plan to upgrade to a new stove or fridge then lay-by is perfect for planning ahead and make sure you can afford payments.

As mentioned before Game Stores now offers consumers to buy goods on lay-by from their stores.

Also read: Stop Wasting Money & Money Manager