Amazon Prime Day sale is almost here. But don’t be quick to click, says this CFP
Amazon’s October Prime Day Sale takes place on October 8 and 9, just over a week away. That doesn’t leave much time to save money to go to the event if you’re hoping to get ahead on your holiday shopping.
It’s still possible to participate in Prime Day without using Buy-Now-Pay-Later plans or credit cards, which can lead to a debt spiral. I have spoken Greg Murseta certified financial planner and CEO of BusyKid, who shared recommendations on how to land Prime Day deals without straining your budget.
This story is part of Amazon Prime DayCNET’s guide to everything you need to know and how to find the best deals.
Make a list before the big sale
With less than two weeks to go, Murset understands that you may not be able to save enough money from your paychecks to knock out all your holiday shopping on Prime Day. But just because you see a deal doesn’t mean you have to give in to it. “Don’t click too quickly,” says Murset.
He suggests getting organized before the big day by making a spreadsheet of what you want to buy. You then need to figure out how much money you have free to spend – and be honest with yourself. From there, you can consider whether you really need to buy that item now.
Here’s a sample of items I put together to plan my family’s vacation this year:
Sample Prime Day list
| Item | Original price | Sales price |
|---|---|---|
| Luggage tags | $10 | $ — |
| 5-piece children’s suitcase set | $69 | $ — |
| Crocs for toddlers | $35 | $ — |
| Total | $114 | $ — |
I have a budget of $100 for Prime Day, so if the sale price doesn’t bring my total under budget (including sales tax), I’ll have to remove an item. In this case, I would prefer to remove the luggage tags, but only if the luggage set and Crocs are on sale. Otherwise, I might get rid of the Crocs and buy them later in the year, once I’ve saved more money for my shopping goal.
Use your bank card
If you’re concerned about running up debt, Murset recommends not using credit cards or BNPL plans, even if you think you can pay them off on time.
It’s tempting to take advantage of BNPL’s plans to build breathing room into your repayment schedule or credit cards to earn rewards, but Murset advises against getting on that treadmill. It’s easy to get caught up in making purchases, perhaps missing a payment or realizing you don’t have enough to pay your bill in full. Getting a good deal isn’t worth the financial headaches you’ll suffer due to interest, fees, and mounting debt.
The solution? “Use debit, not credit,” says Murset.
Your debit card can be a self-control tool with an automatic limit. If the money isn’t there, you can’t use it. For example, Murset shared that if you only have $50 in your account set aside for the sale, that’s all you can use. It’s not that easy to overspend. Make sure you don’t spend money you need for bills or other essentials.
Don’t feel pressure to shop on Prime Day
You may feel like you’re missing out if you don’t have the money to shop on Prime Day, but Murset suggests thinking ahead to other holiday sales you can start saving for now. More bargains are coming, including Black Friday and Cyber Monday.
“If Amazon’s Prime Day is too early and you don’t have the money, skip it and wait until Cyber Monday or Black Friday because that will give you a little more time to save money,” he says.
Plus, if you overspend or rely on financing to afford a deal, you won’t reap the savings. Instead, use this time to prepare for the items you want to purchase.
Murset recommends setting up automatic savings transfers so you can save money with every paycheck. For example, if you set aside $20 every week between now and Black Friday, that means you’ll have about $180 left over for everything you buy.
Even when it’s time for more big sales, Murset offers a common but important reminder: “Don’t buy it if you don’t have the money.” You’re better off paying full price for an item you’ve been saving money for than having to take on debt to close a deal.
