Things You'll Need:
- Down payment
- Money for regular payments
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Step 1
Write out a Christmas list, including ideas of what you'd like to buy for each person.
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Step 2
Identify stores with layaway programs that carry the items on your list. Big-box retailers frequently offer layaway programs, but small retailers are worth exploring as well. Music stores, antique stores, sporting good stores and jewelry stores are just a few of the many possibilities.
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Step 3
Shop for your Christmas presents, sticking closely to your list. Remember: Those extra splurges now, will have to be paid for later.
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Step 4
Before entering into a layaway agreement, secure a written copy of the store's layaway terms, and review it carefully. It should clearly state the down payment amount, the frequency of payments, the size of the payments, how long you'll have to pay off your purchase, the penalty for late or non-payment, whether any interest or fees apply and if you'll be responsible for any restocking fees if you change your mind about a purchase.
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Step 5
If the terms seem favorable, have a store associate draw up a layaway agreement, outlining all of the terms that you discussed. The agreement needs to be signed by both you and a representative of the store.
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Step 6
Make regular payments according to the terms outlined in your agreement. Get and file a receipt for each payment.
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Step 7
Once your presents are paid for, take them home to wrap; and enjoy Christmas minus the debt and financial stress.
