Another benefit for going Michael's route is if you put something on layaway that generally locks the price in, so by the time you pay it off the product may be selling for much cheaper new, used or refurbed somewhere else. If you save up the money in a separate savings account or hell even in a shoe box under your bed you may end up getting it sooner and for a better price. The only way I see a benefit is if you work out a payment plan where you get the item now and make payments while being able to use it. Aside from that being possible i say go with Michaels route.