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Heres what the expert say.
Prime Day is a day that many consumers look forward to, because its one of Amazons biggest sales.
However, overspending can really hurt your budget, said Scott Lieberman, founder ofTouchdown Money.
Prime Day isnt so great when the bill comes due, if you cant cover it.
Not Everything Is a Deal
Deals arent always deals, even when they first appear to be.
Just because Amazon says its a discount doesnt mean it was, said Lieberman.
Check how much the item youre looking at costs now versus how much it originally cost.
Then, compare both amounts with similar items at different retailers to ensure youre actually saving money.
You Have Other Expenses
Deals or not, chances are you have other financial responsibilities.
Planning is crucial, because Amazon Prime Day isnt just a sale; its a celebratory event.
People talk about it.
Theres a buzz around it.
Thats where shopping with a purpose comes in.
Choose a purpose first.
The purpose is why you are even participating.
Dont just scroll and find deals.
Instead, have a clear budget.
Christmas or other holiday shopping is a good idea.
Back-to-school shopping is around the corner, too, Paiva said.
Find your purpose, and thats your starting point.
But again, dont just scroll.
Have a mission and write it down.
It Limits Impulse Spending
Like any other major sales event, Prime Day encourages impulse shopping.
[Prime Day] has all the elements of a celebration or event.
It also has scarcity, which is a marketing tactic, said Paiva.
Setting a budget might not be easy, but there are a few ways to make it happen.
Before Prime Day, create your list.
Set alerts by using Amazons Wish List and track prices.
Leverage cash back credit rewards on credit cards you responsibly manage as many include Amazon.
Before you hit buy, assess if this is really what you want to purchase.
But if youre shopping for those kinds of deals, it might be better to spread out your spending.
Thats quite a lot if youre already strapped for cash or trying to keep cost low.
I see Amazon Prime Day as a strategic way to benefit holiday shopping.
Keep your spending to $100 for now, so you have more to spend on a future event.
After Prime Day ends, there will always be another sale, said Lieberman.
Sometimes, its later in the year, but the next sale will come.
you better have money to take advantage without breaking your own bank.
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