IPA: /ˈleɪəweɪ/
KK: /ˈleɪəˌweɪ/
A way to buy something by paying a small amount of money first and then paying the rest later, while the store keeps the item for you until it's fully paid.
I put the new television on layaway so I could pay for it over the next few months.
Layaway → The word is formed from "lay" (from Old English "leġgan", meaning to place or put down) and "away" (meaning at a distance or not present). The term refers to placing an item aside for future purchase, effectively putting it away until it is paid for.
Think of 'laying' something down and putting it 'away' for later — that's how layaway works.