4 tips to avoid overspending on Amazon Prime Day

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These tips can help you avoid unnecessary spending when filling your shopping cart on Amazon Prime Day.

Amazon Prime Day is coming up soon. This two day annual event gives Prime members the chance to get some incredible deals.

If you are an Amazon buyer, you might be looking forward to filling your shopping cart with discounted products. But if you’re not careful, over-budget can be easy. Fortunately, there are a few steps you can take to avoid spending too much on Amazon Prime Day. Find out more.

Get ready for Amazon Prime Day

Amazon Prime Day 2021 is scheduled for June 21st and 22nd. While this holiday usually takes place in July, it happens a little earlier this year.

On Amazon Prime Day, you can find significant discounts on top brands and products that you want to buy all year round. It’s a great excuse to get the items you’ve wanted for a long time.

No matter where you make your purchases, it is important to keep your personal financial goals in mind. Having a plan before you start shopping on Prime Day can help you avoid spending too much and buying things that you don’t need. After all, you don’t want to get into credit card debt because you’ve bought way too much.

Ready to shop but nervous that you might buy more than you need? These four tips can help you avoid overspending and be more successful on Amazon Prime Day.

1. Make a list

Have you ever gone shopping without a list? When you do this, it’s a lot easier to fill your shopping cart with things that you don’t need. This also applies to online shopping. So it’s always a good idea to have a list handy.

Take the time to sketch out what items you want to buy and write them down so you can get started. Then make sure you stick to your plan. When you’re done shopping, exit your browser and move on with your day.

2. Stay on budget

Just like making a list of the items you need before you go shopping, you should also set a budget. Knowing how much to spend can help you stay on track. If you don’t set a budget, you may end up spending a lot more than you originally thought.

If you use a credit card to make your Amazon purchases, consider how quickly you can pay it off before you incur credit card interest. With this in mind, you can make sure that your budget really suits your financial situation.

3. Research products in advance

When creating your shopping list, it is a good idea to do a thorough research of each product. You may have a specific branded item in mind, but the company may offer several similar models. Doing your research before Prime Day can help you learn more about each listing so you know which item to buy. If you do the right research in advance, you’ll save time on Prime Day too – so you don’t spend the whole day in front of the computer.

4. Make sure it’s a real deal

While some Prime Day items are fantastic deals, other items are not on sale. The listed price may sound like a good discount, but you may be able to get the item cheaper from another retailer.

Around Prime Day, other popular online retailers have discounts on some of the same products to compete with Amazon. Because of this, you may be able to find a better price. Just take a look around to make sure you are getting the best deal. And check out similar items from different brands as a competitor may offer a better price for a product with the same features.

Make sure you are maximizing your rewards

These tips can help you avoid overpaying and find the items you really need. Another idea is to use a rewards credit card when shopping on Amazon Prime Day. You can earn valuable rewards for your expenses and redeem those rewards for cashback, gift cards or a future vacation.

As mentioned earlier, make sure you only charge what you can afford to get paid off in a timely manner. Otherwise, you might have to pay expensive interest fees – which can cause your Amazon Prime listings to no longer turn into a deal. For more information, check out these personal financial resources to help you manage your money and avoid debt.

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We strongly believe in the Golden Rule, which is why editorial opinions are ours and have not yet been reviewed, approved or endorsed by included advertisers. The Ascent does not cover all offers on the market. The Ascent editorial content is segregated from The Motley Fool editorial content and is produced by a different team of analysts. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Amazon. The Motley Fool recommends the following options: long January 2022 $ 1,920 calls on Amazon and short January 2022 $ 1,940 calls on Amazon. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.



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