If you're in the market to buy jewelry, either an engagement ring or a necklace to give to your partner as anniversary gift, then you probably know how expensive some jewelry can be. You don't want to have to cash in all of your savings in order to buy a piece of jewelry but you also don't want to get swindled and go for the cheap knockoff jewelry either. So, where does that leave you?
Well one option for those in need of jewelry but can't afford to throw down a large chunk of money on an expensive ring or watch is to go the layaway route. The next time you go into a jewelry shop and see something that catches your eye, ask the retailer if they offer a layaway plan before dejectedly walking away. Most jewelry retailers offer layaway plans because they would rather sell jewelry, even if it means having to get paid in installments, rather than not sell a piece of jewelry at all.
For those of you unfamiliar with the layaway plan it's a way to purchase items without having to foot the cost of the entire bill in one payment. Unlike when you are given a loan to help pay for a home or car for instance, and you are able to purchase upfront and then pay for it in monthly installments you don't get the item you buy through a layaway program upfront.
Instead you get your item once you have paid off the debt that you have and that's done in regularly scheduled installments arranged through you and the individual, business or jewelry or dentist website you are purchasing the item from. So, if you decide to buy an engagement ring on layaway you won't be getting it until you'd paid for it in full so make sure to sign up for a layaway plan far in advance of the day you decide to propose because you don't want your plans screwed up because you don't have access to the ring.
A benefit of purchasing something, be it jewelry or even furniture on layaway is that you aren't obligated to purchase the item if you fall on hard times. If something happens and you can no longer make regular payments on your layaway purchase you can stop doing so and be refunded the payments you've already made. You might have to pay a cancellation fee but it won't be that big. Other advantages to layaway purchases include not being charged interest and guaranteed item availability and price. Keep layaway buying in mind the next time you're jewelry shopping. If you find yourself with many financial questions, such as regarding taxes, expenses, budgeting, layaway, investing and more, you can always speak with an accounting firm. A firm like Huron Partners LLP will be able to give you advice after looking at your financial records.