Layaway: It's not for everyone and isn't necessarily a money-saving shopping strategy but for consumers who have poor credit and can't get approved for credit cards or loans, it's a money management option that retailers are offering through the holidays. Ultimately though retailers just want to get consumers to spend and if you don't watch out, you could lose out on layaway. Andrea Woroch was here to explain more.

Tips to make layaway work for you:

1. Consumers who have poor credit and high interest credit card rates should consider layaway since setting up a layaway plan does not require credit check and late or non payments or a cancellation won't harm their credit score.

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2. Layaway is smart for popular items that sell out quickly, like hot new video games, toys and electronics. Though you can't afford it now, waiting to save up could mean you miss out on the popular goods.

3. Read the fine print and understand that on top of a downpayment there are service fees of $5 to $10 usually (5% for Best Buy). Also, make sure 100% that you want the item you are placing on layaway, otherwise you will incur a cancellation fee and forgo the service charge.

4. Layaway is smart for large ticket purchases like TVs , computers and home appliances. When compared to paying off an expensive purchase on a high interest credit card over the period of six months, the service charge for layaway is a less expensive option.

5. Those who can manage their money are better off saving cash and paying upfront later in the season or shopping door busters on Black Friday, Cyber Monday and Free Shipping Day to save money. Many retailers don't allow clearance or sale items to be placed on layaway so keep this in mind. If you are going to layaway, make sure you look for store coupons (download CouponSherpa's mobile app for instant in-store savings) to get a better price and always compare prices among retailers because they may be willing to price match. For instance, Sears and Home Depot both guarantee to price match competitors plus give consumers an added 10% off the lower price!

Other good sites to keep tabs on are and