For many people financing is the way to go. Most of the time you don’t have to put any money down which is a great plus. Financing consists of you making monthly payments until your furniture is paid off. The keys to this plan are that you can get your furniture up front, and monthly payments are easier then dropping a lump sum of money, especially because you just spent a lot of money buying your new home. This is also a good way to build credit. The downside is that you have to be approved for financing and sometimes interest rates on financing furniture can be high. Financing is a great way to afford furniture by making a large sum smaller and more affordable to you.
Layaway is another great way to afford new furniture. If a furniture store offers a layaway plan, take the time to check out their plan. Most plans ask for a percentage upfront. This could be anywhere between 10% to even 50%. After you give them your down payment then you make monthly payments until your bill is paid in full. A downside to this is that you can not bring the furniture home until you finish paying on it. Another downside is if you don’t finish your payments you may lose your initial deposit. This doesn’t work if you need the furniture right away. If you are willing to wait though, this is a great budgeting plan that shouldn’t hurt your credit and will break up your major purchase into smaller easier amounts.
If you don’t like the idea of making a contract via layaway or financing for your furniture then another option is to save up on your own. This does take some time, but in the end you fully own your furniture, and won’t screw up your credit line. A good way to do this is open an account at a bank specifically with the purpose of saving for your furniture. Then decide on how much you want to save out of each paycheck to buy your new furniture. For example, each week you decide to put $50 into your new account for your furniture. Make a plan and stick to it. This will help you afford furniture in your price range. In the end it will be worth the wait and the results of you buying your own new furniture will be a great feeling. The biggest downfall of this is having to wait for your furniture.