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Prime Day prompted a lot of people to spend money this year. Read on for tips if you overdid it.
Image source: Getty Images
This year, Amazon Prime Day took place on July 11 and 12, and consumers were excited about the big event before it even kicked off. Not shockingly, Amazon made a killing on Prime Day. The online retail giant saw U.S. consumers spend an astounding $12.7 billion during those 48 hours, marking the highest Prime Day spending on record since the mega-sale event was introduced in 2015.
If you made your fair share of purchases during Prime Day, you’re no doubt in good company. But you may, at this point, be regretting your purchases — especially if you racked up a giant credit card tab and you have no idea how on Earth you’ll pay it off.
If that’s the boat you’re in, don’t panic. Here are some options to explore.
1. Consider returning some items that are still eligible
Though there are exceptions, you can generally return unwanted items to Amazon within 30 days. Since Prime Day wasn’t so long ago, some or all of the things you bought may be eligible for free returns, so take inventory and set priorities.
You may not want to get rid of the new vacuum cleaner your household really needs that you snagged at a discount. But if you can do without your new headphones, send them back and ask Amazon to refund your credit card.
2. See if you can cut your spending to pay off your Prime Day tab in full
Maybe you spent $300 on Prime Day purchases and you don’t have the money in your savings account to cover that tab. If that’s the case, and you put those charges on your credit card, you may not have to pay that bill for a good number of weeks.
So see if cutting your spending to a large degree is enough to cover your Prime Day balance. If you force yourself to truly only buy essentials over the next three to four weeks or so, it could free up enough cash to pay for your purchases without having to carry a credit card balance forward.
3. Pick up a temporary side hustle to cover your tab
Cutting spending may not be realistic for you, or it may not be enough to allow you to pay off your Prime Day tab if it’s on the larger side. But one thing you can do in that scenario is look at a temporary side hustle (or a permanent one, but that may not be so desirable).
The good news is that many businesses need help specifically during the summer. So if you want to enjoy your Prime Day purchases without the weight of debt holding you back, see what local options are available on evenings and weekends.
Or, find a job that’s not seasonal. There are plenty of gigs you can work at your own pace, like driving for a ride-hailing company.
Given the hype surrounding Prime Day, it’s not so surprising to learn that Americans spent a boatload of money during the big event. But if your purchases exceed what you can afford, make at least one of the above moves to compensate.
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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.com. The Motley Fool has positions in and recommends Amazon.com. The Motley Fool has a disclosure policy.
