How can a single mother afford to buy her four children everything on their Christmas wish list and still have money to spare?

Layaway.

Sophie Larson says she started her Christmas shopping in September. By the time December 25 rolls around she expects to have her presents neatly wrapped under the tree — her credit rating left intact.

“I put everything on layaway. If my children want a winter jacket, lay it away. It’s the way to go.”

Layaway is the method of paying for an item bit by bit. Only when it is all paid for you can you take it home.

The widespread availability of credit cards and same-day loans has seen the popularity of shopping on layaway decline in recent years.

With the economy the way it is today, layaway could be making a comeback this holiday season.

“I believe layaway is making a comeback for sure,” says Philip White, sales staff at Inglis Jewelers. “We have been offering it at our New Glasgow location for a year and we find a lot of our customers appreciate having the option of layaway.”

James Lundrigan, manager of Royal Bank, New Glasgow, says while layaway can be a convenient method of payment, consumers should be careful of hidden costs.

“There are certain advantages to keeping to a budget through predictable payment options such as layaway. However, some of these plans advertise interest-free payment options for six months, but what consumers may not realize is if you don’t pay the full amount owned at the end of the six months you can end up with high interest payments.”

Lundrigan says a practical way of saving for Christmas is setting up a preauthorized payment system where a certain amount of money is taken from your bank account each pay.

“Or you can check to see if your credit card offers rewards points. Sometimes you can cash in those points for gift certificates, which make great presents.”

For Larson, layaway is still the way to go. Though she admits finding stores that offer layaway in the New Glasgow area isn’t always easy.

“Layaway is available online,” says Larson. “I can shop at K-mart or some of the U.S department stores. There are really a lot of options for layaway online.”