Wouldn't it be nice if LFS offers layaway?

[gotmesalty77]

I've wanted an apex for minute now but it's not a top priority. Because of this I never save any money for it and spend money on other things I deem important. If I could put one on layaway it would force me to contribute to that goal. Anyhow I just thought that would be cool.

 

[Sierra_Bravo]

I've wanted an apex for minute now but it's not a top priority. Because of this I never save any money for it and spend money on other things I deem important. If I could put one on layaway it would force me to contribute to that goal. Anyhow I just thought that would be cool.

Discipline! You have to have a little willpower is all.

If you can find a way to make a layaway payment you can find a way to save up the money and buy it outright. As silly as it sounds, print a picture of that Apex and find a savings goal chart online and tape those up right next to your tank. Determine a reasonable amount to contribute each paycheck, and reward yourself each time you contribute to your Apex fund by advancing your chart.

You'll make yourself feel crappy if you miss a savings contribution - you don't need a store to manage your money for you. This has been my PSA for the day. Good luck!

 

[biecacka]

I’ve often wondered why they don’t.....especially considering some of the cost of big ticket items. Lime if you needed 4-6 Radions, it could be nice for some to have that option. But I do understand the nuances if lay-away and some of the logistical issues it can cause.
I think that is why we are seeing some stores like BRS offering financing options to consumers. Granted it’s not as readily available to some as lay-away but it’s another option for those that qualify.

corey

 

[TheHarold]

Should one really do lay-away or financing on a frivolous expense such as a hobby?

If one can’t manage/have the self control to save up the money themselves, what makes you think that they will be able to make the payments?

Financial institutions primarily exist to take advantage of people in debt, not help.

 

[Crabs McJones]

LFS's are struggling these days as it is. With everyone buying online they cant afford to loose a sale by placing an item on layaway. I couldnt see them turning down a for sure sale right now for someone who may or may not pay for it later.

 

[vetteguy53081]

It would be a fantastic idea but many LFS do not want to assume the risk of holding fish and having it perish in their possession.

 

[Bryce M.]

It would be a fantastic idea but many LFS do not want to assume the risk of holding fish and having it perish in their possession.

I would imagine the layaway would be more for ticket items, my LFS has held fish for me

 

[gotmesalty77]

Discipline! You have to have a little willpower is all.

If you can find a way to make a layaway payment you can find a way to save up the money and buy it outright. As silly as it sounds, print a picture of that Apex and find a savings goal chart online and tape those up right next to your tank. Determine a reasonable amount to contribute each paycheck, and reward yourself each time you contribute to your Apex fund by advancing your chart.

You'll make yourself feel crappy if you miss a savings contribution - you don't need a store to manage your money for you. This has been my PSA for the day. Good luck!

I really like this approach. Something similar has worked in the past for me. I wonder if my lack of progress is because subconsciously I'm not sure I really need want it lol scratch that yes, I definitely want it lol

 

[gotmesalty77]

It would be a fantastic idea but many LFS do not want to assume the risk of holding fish and having it perish in their possession.

I would never suggest laying away fish only dry goods. Risks vs reward for a small business with fish are not even close to being worth it.

 

[gotmesalty77]

LFS's are struggling these days as it is. With everyone buying online they cant afford to loose a sale by placing an item on layaway. I couldnt see them turning down a for sure sale right now for someone who may or may not pay for it later.

I would have stipulations like determined pay period, and if you don't you lose everything you put towards it. I live in orlando so I guess I don't see the LFS struggles like elsewhere

 

[dantimdad]

Being an LFS owner, I can see both sides of this coin.

It may allow someone to purchase something they couldn't otherwise, but, I can't afford to have merchandise out of circulation.

Now, if the customer wanted to do a layaway and give them 90 days to pay and order it right before it's paid off then that might work. But, there would have to be a plan B if they didn't finish paying in the 90 days or changed their mind. Like no refunds on layaways, store credit only.

Also, there would have to be minimum and maximum dollar amounts set to it. like $500 to $2000. Or something like that.

 

[biecacka]

@TheHarold
Under no circumstances am I advocating it. I am merely saying I could see why some would want it and how it could work in some cases. I'm also not here to tell anyone what to do with their finances. This can be an expensive hobby of one wants to make it and if they want the new items and don't have the cash flow or the credit extended to them via credit cards then this could work.
However, I don't think it's a great idea for ME, I do acknowledge that many stores bright back layaway around the holiday season to increase their sales, but I'm sure they bank on many not finishing payments. They also have larger budgets and cash surpluses etc.
As stated though it would need to be ordered right before paid off, that way the LFS isn't sitting on 25 red dragon pumps in layaway that never end up getting bought.


Corey

 

[Reef.]

LFS's are struggling these days as it is. With everyone buying online they cant afford to loose a sale by placing an item on layaway. I couldnt see them turning down a for sure sale right now for someone who may or may not pay for it later.

That makes sense for one off items they may have in stock such as corals but I’m sure most LFS have more than 1 apex.

 

[biecacka]

The other side of the coin is if 5 people walk in and put all 5 apex’s on layaway, the LFS then has 0 to sell. So they are then forced to shell out money to buy another one to have in stock for a “sale now” option. Unless they limit the number of items that can be on layaway. Then the store has money tied up in “xx” of items that haven’t sold yet and that is less cash flow for the store.
maybe large places with a store front WWC, Premium Aquatics, etc might be able to do this but I can’t think of one local to me that could.

corey

 

[Reef.]

Doesn’t have to be a layaway as such, could be a savings club, then you don’t have the issue of reserving stock or arguments about getting their money returned if they change their mind or issues of stock price increasing over the life of the layaway.
The customer sets a target, when they reach that target they get their money to buy what ever they fancy, maybe even a percentage increase on their savings from the shop.

 

[biecacka]

Yeah that is different than layaway and maybe a better option.

corey

 

[TheHarold]

Doesn’t have to be a layaway as such, could be a savings club, then you don’t have the issue of reserving stock or arguments about getting their money returned if they change their mind or issues of stock price increasing over the life of the layaway.
The customer sets a target, when they reach that target they get their money to buy what ever they fancy, maybe even a percentage increase on their savings from the shop.

I feel like that’s more for parents to do with their 8 year old, not really for a fish store to do with an adult. Like a piggy bank.
But perhaps my expectations for humans are too high, lol!

 

[Reef.]

I feel like that’s more for parents to do with their 8 year old, not really for a fish store to do with an adult. But perhaps my expectations for humans are too high, lol!

Only a suggestion that might have less complications than layaways, I’m sure a lot of people would take it up, Including the OP, who I’m guessing is over 8 years

 

[mike550]

So this is a really interesting string. And I really appreciated hearing the views from the perspective of LFS operators.

Personally, the buyer presumably could do their own layaway by saving money in a bank account (or piggy bank) or purchasing with a credit card which is a form of layaway except that you are being charged interest to use someone else’s money. Layaway puts the LFS at the disadvantage since they still have bill to pay but no cash flow coming in from layaway. I want my LFS to be financially healthy so it can continue to have great products and service.

 

[pdxmonkeyboy]

Interesting