Make sure you don't overspend this Amazon Prime Day

Amazon Prime Day is here. The much-heralded annual event for Prime members promises 1,000’s of deals and huge discounts. But, if you don’t watch yourself, it’s all too easy to get carried away and overspend on things you don’t need.

Here are some top tips to make sure you get what you’re after and you don’t get into financial difficulties.

 

Have a plan

Shopping without a plan of what you want and what you’re prepared to spend is dangerous. It can lead to getting carried away and overindulging. The convenience of one-click shopping can lure you into adding items to your basket that you don’t really need.

The best way to approach Amazon Prime Day is to take some time to think what you need. Spend a bit of time in advance shopping around online to see what other retailers are charging. This means you’ll recognise a good deal. Who knows, you may even find it cheaper somewhere else.

 

Is the deal too good to be true?

Retailers have been known to increase prices in the weeks preceding big sales so that the discounts seem more impressive. Again, doing your research ahead of time will pay off.

 

Don’t feel the pressure

It’s a 48-hour event with a huge countdown clock and 15-minute flash sales. These are marketing tactics designed to create urgency and get you to panic buy in case you miss out.

This relies on human psychology by triggering a scarcity response in the brain. People place a higher value on products that they believe are sought after and running out.

Again, go back to your list and don’t let the pressure of ‘buy now before it has gone’ affect your decision.

Remember, the reality is you’re only saving money if you were going to buy the item at full price before the sale.

 

Do you overspend on Amazon? How to cut back all year, not just on Prime Day

• turn off one-click orders

stick to a monthly budget

• turn off automatic reordering
• set a spending limit
• stick to using one card and monitor how much you’re spending
• make sure you use the perks that come with the Amazon Prime membership

consider getting a cashback credit card that pays every time you spend on Amazon (but make sure you’re paying off the balance in full every month so you don’t get charged interest)I