Do you remember shopping at Sears when you were a kid? I am dating myself now, but I remember shopping for clothes at Sears when I was a child. My mother would put our clothes on ?layaway? until she could pay off the total amount of the bill.

Layaway, for those of you who?ve never heard of it, is somewhat like a reverse credit card. When you buy items on credit, you immediately get the item, but then you must pay back the balance and a hefty fee (interest) for the privilege. Unlike credit purchases, with a layaway account, the store keeps the merchandise until you?ve paid off your account in full. The fees to open an account are minimal, either 15% of the purchase price, or around $5-$15, depending upon the laws in your state.

Several years ago, Walmart stopped layaway accounts, and it was a sad day for many frugal shoppers. I figured that the concept had died for good, kind of like rotary telephones.

While talking with a sales associate at Sears last week, I found out that on November 17, 2008, Sears and Kmart will again have layaway accounts! I was thrilled because our local store had a great sale on winter coats which began on Friday. In addition, I?d found online coupons which I could use at the store to further discount the price of the coats. Even though I didn?t have the money outright to take advantage of the sale, I could use the layaway option and get the sale price. The online coupons I?d found would more than cover the layaway fees too!

This year, many families are dealing with strained budgets, lost jobs, and limited credit. As the holiday season is fast approaching, those budgets could get even more strained. You?ll have to ?do the math? for your particular situation, but a layaway account could help you to manage your holiday expenses.

Have you ever had a layaway account? Will you be using layaway this holiday season when purchasing toys for your family?

When fellow blogger Tamsen Butler mentioned a baby who was getting professional pedicures once a week, my first reaction was: ?Wouldn?t it be better to take that $10/week and put it away for college??

Call me crazy, but I believe it?s never too early to start saving for college! Average college costs for a private, four-year school in 2007 ? 2008 are just under $24,000 (per YEAR), and academic scholarships are getting harder to come by. I know, because my niece and nephew are both entering college as freshmen next semester, with excellent grade.

Here?s a sobering fact? if you forego your $4/day latte habit (assuming you have one), or cut some other luxury out of your budget in order to set aside $4 day, in 18 years (not counting interest) you will have $50K in the bank.

Our baby isn?t even born yet, and this is on my mind. Along with buying diapers, paying off our car loan, saving for a house, investing in cord blood banking? all while maintaining my work-at-home status. Yes, kids are expensive.

My husband and I are both leery of conventional college savings plans, such as a 529 account. If your child doesn?t go to college, for whatever reason, and there?s no one else you?d like to name as beneficiary, you could face hefty tax penalties when you try to withdraw the money for another use.

Once we get past the initial ?first-year? childcare expenses, we will look into other savings and investment options and start a long-term account on her first birthday, if not sooner!

But I have already started a ?upromise? account, which places cash rewards into a college savings account based on purchases I make. It?s the same situation?if our child doesn?t go to college, we would have to name another beneficiary or lose the money. But since we?re not actually investing our own money into the account, we have nothing to lose. If I had to give the money to a relative, or even a close friend?s child, or find a way to donate it to a scholarship fund, I wouldn?t mind.

Granted, the savings doesn?t add up quickly. My sister noted that she received 10 cents in my nephew?s account for buying a bottle of ketchup. But with 19 years of spending ahead of us, I?m expecting we?ll earn enough to pay for books, at least. A whole year of college or even a semester? Eh. I?m quite realistic in my expectations for the program?that would be a lot of ketchup!

But free money for college? Just for shopping at stores and Web sites where I normally shop, buying things I normally buy, and eating at restaurants we love? I?ll take it.

I?d love to hear your investment ideas for college savings. Readers, how early did you start saving for your child?s college education?