As we approach the holiday season, many of us are already thinking about gift-giving and shopping for those special items for friends and loved ones. However, with so much uncertainty this year due to COVID-19’s impact on our finances, it can be difficult to manage large or unexpected purchases within a strict budget. Thankfully, Walmart’s layaway program is an excellent option that allows you to stretch your hard-earned dollars while also ensuring timely delivery of gifts when you need them.
In simple terms, layaway is a payment plan offered by retailers whereby customers are allowed to pay for products over time without having immediate possession of the items in question. The idea has been around for decades and was very popular in the 20th century. With thriftiness becoming fashionable again though, several retailers – including Walmart – have reintroduced layaway programs as a way for consumers to keep their budgets in check during such uncertain times.
So how does Walmart’s layaway work? Let’s break it down step-by-step:
Step 1: Choose Your Items
First and foremost, select all desired merchandise from the store shelves or website that you would like reserved through Walmart’s Layaway service. You must choose merchandise that totals $50 or more (this applies regardless of whether shopping online or at one of their brick-and-mortar stores) – and each individual item must not cost less than $15 either!
Step 2: Pay Service Fees
Next up: fees! If you’re using Wal-Mart’s layaway services at one of their stores then – once you’ve selected your items – they’ll require yout to pay a fee upfront there equaling $10 so as to open an account with them covering everything else related involved with handling product management right until pick-up deadline date.
However if doing it online instead? The total service fee ends up being approximately twenty percent (that includes taxes) which will get tacked onto your purchase, when choosing layaway at checkout.
Step 3: Make a Down Payment
After paying off the aforementioned service fee(s), it’s time to make your first payment. Layaway requires you initially make a down payment equalling ten percent of entire merchandise amount that needs reserving, with a minimum of $10 (whichever is greater). Keep in mind though that this non-refundable deposit will get applied towards the total purchase price — so regardless if someone decides they don’t want or can’t afford these items anymore? They must go through with remaining payments until due date and then come pick up their things from whichever location they’ve chosen as preferred/reserve spot!
Step 4: Decide on Payment Plan
Now comes decision-time. You’ll need to figure out how much – and how often – you’re going to pay moving forward. Each plan may vary from customer-to-customer depending on budget & personal preferences; be sure to consider what makes sense for both you & yours before deciding!
A few Layaway program schedules Walmart offers include:
Eight-week option
This only allows people week-by-week schedule consecutively ongoing costs by splitting remaining balance into eight separate ones where each payment equals either once per week during those – even periods –
Twelve-week option
This more flexible scheduling applies no matter what one’s limited means might allow for extra time savings but cost possibly spreading transaction fees across longer period potentially saving lots money over long run yet sometimes better suited Sixty-day interval reminders sent regularly atleast twice daily keeping individual responsible accomodate modifications since everybody operates little differently!
Twenty-four Week Option
For people who seek most flexibility in terms of managing purchasing financing obligations? This is likely best choice! Like others mentioned prior though downside is higher overall fees incurred throughout duration choose because there are stipulations inclusive which fee structures scale proportionally using different phases allowing them account fluctuations unexpected electronic marketplaces such being upcoming Christmas season among other things.
Step 5: Make Payments on Time
This is the most important step overall when it comes to utilizing Walmart’s layaway program. Each payment you make must be delivered on-time as well as in full or risk losing all progress toward that merchandise you selected beforehand of initial contact.
Being timely not just a good practice for this service; It’s a requirement to ensure that your account stays active until items are fully paid off and picked up! No one wants to spend extra money towards late fees – so make sure you keep track of deadlines, schedule reminders if necessary, and allocate budget accordingly by saving some cash every week just in case future unexpected financial needs arise.
Step 6: Pick Up Your Items!
Once finishing making final payments? Everything will need retrieving soon thereafter before pre-determined end/dui date shifts into effect time limits expire resulting in irreversible loss; when picking up at Walmart stores locations offer pickup services which can help ease transportation challenges potentially include lines queues upon arrival since it tends being high-volume process depending location however during pandemic many areas left concerning safety precautions protocols enforced throughout facilities manner people have learned appreciate online shopping experiences much usefulness opposed face-to-face meetings person thereby reducing chances catching COVID-19 around crowded public spaces indoors/outdoors.
In conclusion, Walmart’s layaway program offers flexible payment options and helps shoppers better manage their budgets for holiday season — or any big-ticket purchases. However, we do advise everyone interested understand intricacies terms conditions agreement closely ahead taking advantage of service offered!
Happy shopping… And don’t forget those payments!