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Vacation layaway. Reserve a spot on a cruise or a tour, then pay in dribs and drabs.

Speaking…again…of grim financial news…

If money's tight, or you don't feel comfortable dropping a lot of cash right now, how about paying for your next vacation in increments?

Were you ever the type to put money into a Christmas savings account (do they still have those?) or buy clothes on layaway? Now you can do it with vacations.

At least with the two travel companies that came up with the idea. You reserve the vacation you want with Gate 1 Travel or Gutsy Women Travel, (see my previous post on Gutsy Women) a year or more in advance, with a small down payment. Then you pay in bits, whatever amount you want, up to 45 days before the tour departs. That's when full payment is due. It's more like four months in advance if you reserved a cruise rather than a land tour.

Meanwhile, you get to lock in the price and the date you want. Of course, you're up the creek if something happens to the company between now and then…unless there's something in the fine print that says otherwise. Be sure to read carefully.

I've never been the type to plan that far in advance. But I have friends I know would jump on this type of offer. So here it is, for all you plan-way-in-advance solo travelers.

For the rest of you, tell me what you think. Gimmick? Or great idea?

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13 responses to “Vacation layaway. Reserve a spot on a cruise or a tour, then pay in dribs and drabs.”

  1. Gray Avatar
    Gray

    I think this is a brilliant idea! My grandparents, who lived through the Depression, always used layaways over credit cards. They were smart. As you know, layaway programs went away with the rise in use of credit cards–and look where that got us. It makes much more fiscal sense to pay out money you have actually earned already than to borrow money on the assumption you will earn enough in the future to pay it back. The country has finally learned this lesson the hard way. Any industry revolving around luxury items should be looking at this right now just to keep some money coming in the door. Layaway is a win-win.

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  2. Ellen Avatar
    Ellen

    Interesting points about layaway versus credit card debt. Thank you.
    Ellen

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  3. Gray Avatar
    Gray

    Hi, Ellen,
    Did you see the article by Jane Engle in the 12/8 Chicago Tribune called “Layaway plans gain traction in the travel industry”? You’re ahead of the curve!
    She raised a good point I hadn’t thought about, like what if you get 2/3 through paying for your vacation and the company goes bankrupt? (Something I don’t think my grandparents worried about when they were buying a new TV through Sears.) If you’ve paid cash, you may be up the proverbial creek. So it might be a better idea just to save the money yourself and buy the vacation in full after all.

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  4. Ellen Avatar
    Ellen

    Gray,
    Thanks for the heads up. Scoops R Us, here at boldlygosolo.
    I agree there’s a risk. It’s not my cup of tea. I’d rather save the money myself. Same reason I never partook of Christmas club savings accounts at banks. But some people need to get the money out of their hands in order to save it…those folks should consider what you point out.

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  5. low cost homeowner insurance Avatar
    low cost homeowner insurance

    My wife and I do a couple things that work for us. We pay most everything via credit card b/c we get airline miles. We pay it off every month so you have to be very disciplined. Second we round up anytime we have to write a check or use debit and save the change that way. You’d be amazed how much accumulates.

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  6. Ellen Avatar
    Ellen

    Thanks for the ideas!

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  7. St. Maarten Condo Avatar
    St. Maarten Condo

    If i am planning a vacation that needs a lot of money i rather not to go this year so that the money that i will spend this year,i will spend it next year.
    -Sarah

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  8. Cruise Deals Avatar
    Cruise Deals

    Sounds like a nice idea, I keep on working ond studying and when the summer comes there is nothing left in the savings 😦 So It would be a great way for me to travel, I just hope I can find a reliable company to book with 🙂 I am not a fan of the small print hehe

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  9. Ellen Avatar
    Ellen

    Yes, I would certainly read the small print carefully!

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  10. st maarten vacations Avatar
    st maarten vacations

    I’ve read some tips on a cheap vacations. A staycation. If you’re out of money, you can still have fun and rest on vacation. Bring a party on your house or just play with your kids or relatives.
    -liz

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  11. Dorthy Avatar
    Dorthy

    We always plan vacations several months ahead, pay our deposit, pay the balance in 2-3 installments. We deal with the more reliable companies – American Airlines, Carnival Cruise Lines, etc.- that are less likely to go out of business. We usually save money this way because we get “early bird” savings for booking and often receive upgrades for booking early.

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  12. Ellen Avatar
    Ellen

    Dorthy,
    That sounds like a good plan for saving money. If only I could plan in advance.I’m not very good at that.

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  13. Alexa Mason Avatar
    Alexa Mason

    We usually plan our vacation months and sometimes years in advance. That’s the best time to get Royal Caribbean cruise deals. But this article is great and full of tips on how to save some major bucks!

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