This post may contain affiliate links which may compensate us based on your interaction. Please read the disclosures for more information.
You may be able to score great deals on Prime Day. But read on for tips so you don’t wreck your finances in the process.
Image source: Getty Images
Amazon Prime Day was launched in July of 2015 as a way to celebrate the online retail giant’s 20th birthday. Since then, Amazon has upheld the tradition of offering a mega-sale every year, typically in July.
Now interestingly enough, as of this writing, Amazon has yet to announce Prime Day’s official date(s) for 2023. But there’s a good chance it’ll happen in mid-July, which means you really only have a little more than a month to prepare for the big event. Here are a few steps you can take to avoid debt in the course of enjoying what’s apt to be a world of deals.
1. Start saving now
At this point, you don’t have a ton of time to sock money away in your savings for Prime Day — assuming this year’s event happens in July as it usually does. But still, there are steps you can take to boost your savings account balance a bit.
Don’t eat out for a couple of weeks, and cut back on social events that cost money if you expect to have many Prime items on your wish list. You might even see if there’s a temporary side hustle you can snag to pick up some additional cash.
2. Set a budget before you shop
You might have $200 you can afford to spend on Prime Day between the money you’ve put into savings and your upcoming paychecks. Or maybe you can afford to spend $300 without landing in debt. Either way, crunch the numbers before Prime Day begins so you know exactly what flexibility you have.
3. Order your wish list by priority
Shopping events like Prime Day can be fantastic, but they can also be overwhelming. You might come across hundreds of deals in the course of your shopping, and that could make it difficult to stick to a game plan.
Before Prime Day begins, figure out which items you’re looking to scoop up on sale, and then order them by priority. It may be that you’re looking to buy an air fryer at a discount, as well as some new clothing and footwear. You may decide that the air fryer should take priority over everything else because you can use it to whip up meals for your entire family, whereas the new clothing and shoes are just extras you’d like to have.
Don’t drive yourself into debt
The purpose of Prime Day is to enjoy savings on the items you’re looking to buy — not to chase sales simply to get a deal and end up with a massive credit card bill in the process. Before Prime Day kicks off, make a plan. And if you don’t manage to save any money for Prime Day, consider skipping the big event — even if it means having to wait longer to buy some of the items on your list.
Although you’re apt to find plenty of bargains on Prime Day, it won’t be your only opportunity to find discounts this year — both on Amazon and in general. So if you’re not in a place where you can afford to spend money on Prime Day, sit it out and wait for the next big shopping event.
Alert: highest cash back card we’ve seen now has 0% intro APR until 2024
If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.
In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
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.JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. 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.com. The Motley Fool has positions in and recommends Amazon.com and JPMorgan Chase. The Motley Fool has a disclosure policy.
