What if the price drops?
You put something on layaway and then the price drops 20 percent; now what?
Unfortunately, some stores lock in the price at the moment you place the item on layaway, says Butler. Retailers may reason they are giving up the option of selling that same item at that time and price to someone else, he says.
Others are more flexible and may allow a markdown on layaway items if the price drops.
This is where it is important to know the rules of layaway, and factor those results into your price calculations. If you expect a price to drop over the next few weeks, how much extra will you likely pay if you're locking in today's price, plus paying layaway fees? At that amount, is the purchase still worth what you're getting?
When you tally up the price of buying something on layaway, don't forget to compare that cost to your other payment options. What's the tab for the same item if you put it on a credit card? Or wait a few weeks and pay cash?