Layaway, other changes irk Wal-Mart loyalists

[piemaker720]

Originally Posted by Pocahontas

It's not the best way but you can use a credit card too Pie and pay it off over time. Isn't that similar to layaway? I'm not real sure how it works?

No, on credit cards you pay interest on the balance you owe each month, so you are paying more money for items. On a layaway you are not paying interest, you make a payment and you can see exactly what you owe each time. As for the can, if people would admit it, if you had a can and was putting $5.00 a week in for something special. If something came up you would not be tempted to use the money, if your child came in and needed money for something you would not use the can money thinking I'll put it back later. Now for savings account, I have figured this for everyone to see.

Capital One Savings 5.00% ? <-> $100 min

ING Direct Savings 4.50% QFX OFX $25 bonus for new accts with $250 deposit

CitiBank eSavings Savings 4.75% ? ? Requires CitiBank EZ-Checking account
which may charge fees

HSBC Direct Savings 5.05% QFX OFX New money promotion: 6.0%

Regular Passbook Savings: An interest bearing savings account available to anyone. Interest is added to the account quarterly.

$10.00 a week for 3 months equals $120.00 that's 1 quarter
5% interest on $120.00 a quarter equals $6.00
That is if they pay 5%, some pay less than that.

[Texasbelle]

Originally Posted by piemaker720

No, on credit cards you pay interest on the balance you owe each month, so you are paying more money for items. On a layaway you are not paying interest, you make a payment and you can see exactly what you owe each time. As for the can, if people would admit it, if you had a can and was putting $5.00 a week in for something special. If something came up you would not be tempted to use the money, if your child came in and needed money for something you would not use the can money thinking I'll put it back later. Now for savings account, I have figured this for everyone to see.

Capital One Savings 5.00% ? <-> $100 min

ING Direct Savings 4.50% QFX OFX $25 bonus for new accts with $250 deposit

CitiBank eSavings Savings 4.75% ? ? Requires CitiBank EZ-Checking account
which may charge fees

HSBC Direct Savings 5.05% QFX OFX New money promotion: 6.0%

Regular Passbook Savings: An interest bearing savings account available to anyone. Interest is added to the account quarterly.

$10.00 a week for 3 months equals $120.00 that's 1 quarter
5% interest on $120.00 a quarter equals $6.00
That is if they pay 5%, some pay less than that.

But Pie, that is $6.00 you wouldn't have had before!!! How much do you typically spend on Christmas on say two kids? Say $1000.00. You could take the $1000 divide it by 42. The 42 weeks would be from Jan to mid November. You'd have your money saved by the time of Thanksgiving so you could shop the day after Thanksgiving sales. If you saved $25 a week which is skipping one meal a week of eating out, you would have saved $1090 plus the interest. If you put it in the bank savings account and consider it untouchable, then there is no problem. It's all about making choices which benefit you best.

[piemaker720]

Originally Posted by Texasbelle

But Pie, that is $6.00 you wouldn't have had before!!! How much do you typically spend on Christmas on say two kids? Say $1000.00. You could take the $1000 divide it by 42. The 42 weeks would be from Jan to mid November. You'd have your money saved by the time of Thanksgiving so you could shop the day after Thanksgiving sales. If you saved $25 a week which is skipping one meal a week of eating out, you would have saved $1090 plus the interest. If you put it in the bank savings account and consider it untouchable, then there is no problem. It's all about making choices which benefit you best.

That may be but there is one thing more. If say I went in a store and saw something I thought one of the kids would like. I would put it on layaway and have it. Now what if I saw something and I said okay I'll start saving for that now. I go back in as you put it 42 weeks, I find out that the store has no more, sold out, ain't getting anymore, then what, I lost my chance to have gotten it. And no I don't spend a $1000 on 2 kids. Layaway is a convience.

[Texasbelle]

Originally Posted by piemaker720

That may be but there is one thing more. If say I went in a store and saw something I thought one of the kids would like. I would put it on layaway and have it. Now what if I saw something and I said okay I'll start saving for that now. I go back in as you put it 42 weeks, I find out that the store has no more, sold out, ain't getting anymore, then what, I lost my chance to have gotten it. And no I don't spend a $1000 on 2 kids. Layaway is a convience.

Well, Pie , I hate to be the bearer of bad news but most kids only like what's popular right here and right now. So whatever you buy in Jan, March, or June, they probably will be disinterested in by December! Just try the saving situation, you'll like it!

[piemaker720]

Originally Posted by Texasbelle

Well, Pie , I hate to be the bearer of bad news but most kids only like what's popular right here and right now. So whatever you buy in Jan, March, or June, they probably will be disinterested in by December! Just try the saving situation, you'll like it!

Well Belle I hate to tell you that little ones like I have don't care about what is popular. They are 4 & 5 what do they care. They only know what interest them. So I can still buy when I want. Also if you do the savings and you have a child that is into popular and right here and now you still may not have enough money saved.

[AnimeSpirit]

I feel that anyone with any kind of financial discipline could get the shopping done just as easily with a credit card, savings account, or coffee can. Each of these methods have their ups and down that distinguish them from layaway plans, but they are still just as effective. Only with the credit card do you get to take the item home right away.

[Texasbelle]

Originally Posted by AnimeSpirit

I feel that anyone with any kind of financial discipline could get the shopping done just as easily with a credit card, savings account, or coffee can. Each of these methods have their ups and down that distinguish them from layaway plans, but they are still just as effective. Only with the credit card do you get to take the item home right away.

Well said Anime!!!!