You May Want to Start Saving for This Amazon Mega-Event Now

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A big savings opportunity could be coming to Amazon. Read on to learn more. 

Last year, Amazon Prime Day, which took place on July 12 and 13, was one of the most highly anticipated shopping events of the year. So far, Amazon has not put out an official date for 2023 Prime Day. But many retail experts think it’s going to happen in mid-July once again.

If you enjoyed a host of savings last year during Prime Day, then you may be eager to do the same this year. But if you want to enjoy those bargains without landing in a pile of credit card debt, then the time to start banking extra money is now.

Give yourself the option to spend

It’s not guaranteed that the items on your Amazon wish list will all go on sale during Prime Day this year, whenever it happens to fall. But based on last year’s event, it’s fair to say that a number of items will be discounted during Prime Day 2023, some heavily so. And if you want the option to spend somewhat freely on Prime Day, then you may want to do what you can to boost your savings account balance ahead of the big event.

In fact, one thing you may want to do is look at your credit card statements from last July and see how much of a Prime Day tab you racked up. You can also check your order history on Amazon to get that data. If you spent $300 in 2022, there’s a good chance you’ll want to spend a comparable amount in 2023. So that might be a good savings goal to set.

How to boost your savings ahead of Prime Day

Given that inflation has driven up the cost of living, it’s harder these days to carve out savings simply by cutting back on expenses. But still, if you’re willing to shed a few bills in the next month or two, you might end up giving yourself more of a cushion for Prime Day.

Think about the non-essential expenses you’re covering. Are you paying for a streaming service you don’t get much use out of? Canceling it for a couple of months could mean getting to make one extra Prime Day purchase without having to rack up costly debt.

Also, think about getting yourself a side hustle. There’s nothing wrong with doing so for the express purpose of having more money at your disposal for when Prime Day rolls around. And if you end up enjoying that side gig, or finding that it’s easy enough to incorporate into your schedule, then you may be inclined to keep at it even once Prime Day has passed.

We don’t know when Prime Day is set to occur in 2023. But if Amazon repeats its 2022 strategy, then this year’s Prime Day might be upon us pretty soon. And that means you don’t have a whole lot of time to save up for the big event. So if you want the option to jump on those deals, your best bet is to map out a savings game plan now.

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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.

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