Introduction

Amazon Prime Day is a highly anticipated annual shopping event that promises epic savings. However, the allure of sales and deep discounts can sometimes lead to overspending. At O1ne Mortgage, we understand the importance of financial stability and want to help you make the most of Prime Day without breaking the bank. Here are some tips to help you stay within your budget and maximize your savings.

Review Your Budget and Stick to It

The best way to avoid overspending is to have a budget and stick to it. Without a budget, you may lose control when faced with fleeting deals on hot products. If you have an existing budget, review it to see what wiggle room there is for discretionary retail spending. If you’re looking for household products, you may be able to slot your Amazon Prime Day spending into that budget category. For bigger-ticket items, see how they fit in with your allotted monthly spending money.

Once you determine how much you can spend comfortably without sidetracking your budget, make that amount your spending limit for Amazon Prime Day purchases. If you’re already setting aside savings for holiday purchases, this could be a great opportunity to get a head start. Just be sure to read return policies to know whether your purchases will extend past return periods if you’re hoping to use them for holidays later in the year.

Check to See if the Item Is a Good Deal

Just because something is on sale on Amazon, that doesn’t mean it’s the lowest price available. Amazon offers thousands of different products from retailers all around the world, and while the site is commonly known to have some of the lowest prices, some items may actually be cheaper elsewhere. When shopping on Amazon Prime Day, always leave yourself time to cross-check other retailers online to ensure you’re getting the best deal possible. Price comparison sites like CamelCamelCamel can even show you price fluctuations over time.

Offset Your Costs by Paying With a Rewards Credit Card

If you have a rewards credit card, consider using it this Prime Day to offset your purchases by earning points, miles, or cash back. Depending on what card you have and what rewards program it manages, you’ll have different options for how you can earn or redeem your points or cash back. If you’re looking to pay as little as possible for your Prime Day purchases, a card with generous cash back could be a good option.

If you’re hoping to avoid paying interest on any big-ticket items you may buy, a card with a 0% introductory APR on purchases could save you a lot of money. Just be sure to pay off your purchases before the introductory period ends to avoid paying any interest on your Prime Day products. Trying to earn points for an upcoming vacation? If you have a card that offers generous point or mile earnings, that could be your best bet for Prime Day shopping.

The Bottom Line

Amazon Prime Day offers a good opportunity to maximize your savings on items you’d already be purchasing anyway or special items you’ve been saving up for. To avoid overspending on Prime Day, be aware of your budget and how much you can spend without going into debt, do a price comparison to ensure you’re getting the best deal, and consider using a credit card that will earn you points or cash back (as long as you know you’ll pay off the purchases quickly).

At O1ne Mortgage, we are committed to helping you achieve financial stability. If you have any mortgage service needs, don’t hesitate to call us at 213-732-3074. Our team of experts is here to assist you with all your mortgage needs.