Overspent on Amazon in 2023? 3 Ways to Avoid a Repeat

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Amazon should be saving you money, not costing you. Read on for ways to curb your spending on the site this year. 

Like many consumers, I’m someone who makes a fair number of purchases on Amazon each year. And many of those purchases are more than justifiable.

I order things like dog food and basic toiletry items on Amazon because I find that the prices there are the most competitive for the specific things I need — even less expensive than Costco. (To be fair, Costco also doesn’t carry every brand I use.) And Amazon is usually my go-to source when I need a birthday gift for a child or things like socks and gloves, which my kids have a magical way of wearing out rapidly or losing.

Recently, I decided to take a look at my Amazon spending for 2023 and, well, let’s just say it was a big number and leave it at that. This year, I’d like to reduce my Amazon spending, and you may want to do the same. Here are some tactics you can use to go about that.

1. Avoid big sales events

Last year, Amazon hosted not just one, but two Prime Day shopping events, each of which was a two-day affair. And consumers definitely took advantage. Data from Adobe Analytics found that U.S. shoppers spent a whopping $12.7 billion on Prime Day in July alone.

I know it can be hard to stay off the site during those so-called mega sales. But, shopping during those events could cause you to spend money needlessly.

See, when you know there’s a big sale going on, your brain is wired to find something to purchase to avoid missing out on a savings opportunity. But buying a $50 kitchen gadget on sale for $30 doesn’t mean you’re saving $20. Rather, it means you’re spending $30 for no good reason. That’s not exactly good for your finances.

That’s why you’re better off not shopping on Amazon during talked-up sales events unless there’s a specific item you’re looking to purchase. And even then, don’t assume you’ll get the best deal on Prime Day, or during an event like Cyber Monday, either.

2. Track prices by maintaining a wish list

Amazon is known for its competitive prices, so it’s natural to assume that any item you see listed is being offered at a good price. But that’s not always the case.

It may be that you wound up spending more money on Amazon last year than necessary because you didn’t take the time to track prices. Going forward, if there’s an item you need but don’t have to have right away, put it on your wish list and track the price. Or, stick it into your cart and save it for later.

You may find that a $30 toy you’re looking at for your child’s birthday gets marked down to $22 at some point. If you want that gift by mid-March, start tracking its price in mid-January.

You can also add a browser extension, like Honey, that helps you track prices on sites like Amazon. Keepa is another option to consider. Just do some research since certain tracking tools could potentially pose security risks.

3. Don’t store your credit card information in your account

I love the convenience of ordering things on Amazon. But trust me when I say that if I’m scrolling the site at 11:00 p.m. from my bed and see something I’m tempted to buy, there’s pretty much no way I’m going to walk downstairs in my pajamas, bust out my wallet, and enter my credit card number if it’s not already stored in my account. Instead, I’ll most likely skip that purchase due to laziness.

You may want to use laziness to your advantage, too, if it helps you minimize your Amazon spending this year. The simple act of not storing credit card information could spare you a host of impulse purchases.

If you spent an almost shocking amount of money on Amazon last year, don’t worry — you’re in good company. But it pays to do what you can to lower your Amazon spending in 2024, especially if you have other big goals you’re working toward.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Maurie Backman has positions in Amazon. The Motley Fool has positions in and recommends Amazon and Costco Wholesale. The Motley Fool has a disclosure policy.

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