Definition of layaway in US English:

layaway

(also layaway plan)

noun

North American
  • A system of paying a deposit to secure an item for later purchase.

    ‘she picked up a coat she had on layaway’
    • ‘Too many of us put our happiness on layaway.’
    • ‘Too much to pay for on layaway, too much to buy secondhand, if you have to ask you can't afford it, and nobody could, or should be able to.’
    • ‘If you know that there is an occasion coming up and you may want to purchase a unit, consider placing it on layaway at your local retail store.’
    • ‘She doesn't even have the money to buy it - she has it on layaway.’
    • ‘Retailers will change their policies on layaway sales.’
    • ‘Back in 1974, people still stood in line to deposit paychecks, paid for groceries with cash, and put big purchases like furniture on layaway plans.’

Pronunciation

layaway

/ˈlāəˌwā//ˈleɪəˌweɪ/