ELI5: Explain Like I'm 5

Layaway

You know when you want a toy, but your mom or dad says you have to wait until your birthday or Christmas to get it? Layaway is a special way to pay for something you really want, but you don't have enough money to buy it right now.

Here's how it works: you go to a store and pick out the thing you want. It could be a toy, a game, or even a jacket. Then, instead of taking it home with you, you give some money to the store and tell them you want to put it on layaway.

The store will keep the thing you want safe for you and let you pay for it little by little over time. For example, you might pay $10 a week until you've paid for the whole thing. The store will hold onto your toy or whatever you're buying until you've paid for it in full.

Once you've paid for the whole thing, you can take it home and enjoy it! Layaway is a great way to buy something you really want without having to save up all the money at once.
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