Shopping Amazon Prime Day is a great way to save money on thousands of items. But with so many deals overwhelming you, it’s also an easy time to slip into a risky spending habit: impulse buying.
As an accountant, I know how overspending can wreck your finances. But as a Prime member myself, I also know how easy it is to blow your budget on Amazon. Adding those deals to your cart can feel great at the time — but the feeling quickly fades when you’re facing a steep credit card bill or depleted savings account.
As more Amazon’s Prime Day sales kick off, here’s how you can curtail unnecessary spending, while still indulging in the sale.
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Figure out your Prime Day budget
If you want to avoid overspending on Prime Day, you need to first know how much you can comfortably spend without pulling away from other priorities.
Consult your budget, if you have one. If not, you’ll want to take a look at any upcoming bills, expenses and savings goals. Figure out how much you’ll have left in your bank account after tackling these costs. You can use a budgeting app, spreadsheet or old-fashioned pen and paper to help. Whatever the number works out to, don’t spend over this amount.
But you also don’t have to spend the total amount either. For example, if you can free up $350 in your budget for Prime Day, but need only $200 worth of items, move the extra money to a high-yield savings account.
Read more: Shopping Amazon Prime Day? Try These 7 Expert Tips to Boost Your Credit Card Savings
Once you have your Prime Day budget, build out a list of items you’d like to buy on Prime Day. This will help you stay on track when deals you weren’t counting on buying pop up. You can even use Amazon Wish Lists to curate what you plan to buy on Prime Day.
If your wish list goes over your total amount, pare it down by determining what you need to be now and what can wait. You can even add the items to your cart now, so you’ll be less likely to get derailed by new deals when the full Prime Day event launches on July 16.
Want an extra $200 to put toward Prime Day shopping?
Consider applying for the Prime Visa
You can get an instant $200 Amazon gift card to shop Prime Day when you’re approved for the Prime Visa. Here’s how.
Don’t check out right away
If you find yourself clicking on deals that you didn’t budget for (no shame — we all do it), give yourself some time to think them over. Typically I suggest giving yourself at least 24 hours to consider whether you really need the items in your cart — but on Prime Day, it’s trickier.
Some Prime Day deals expire quickly, and you may have hours or minutes to decide if you want an item. But I still recommend keeping the items in your cart for at least a few minutes (if you can) so you have time to think them over. Move on to another task, like checking your email or tossing in a load of laundry, before returning to your cart. Adding just a little bit of distance between shopping and checking out can help you review the items with fresh eyes. You might find yourself removing things you’ve added frivolously.
Beyond Prime Day, I like to keep items I may want to get later in my “Save for Later” list. You can also create Amazon Wish Lists for items you might need for certain projects or times of year.
If you’re on the fence about making a purchase, try out my fellow expert review board member, Bernadette Joy’s, $1 spending rule. Think about how many times you’ll use the item. Then divide the total cost by this number. If it doesn’t work out to $1 per use or less, hold off on the purchase or find a cheaper alternative.
Read more: I Ditched Debt and Retired Early by Following the $1 Rule. And It Can Help You, Too
Shop around
You may think you’re getting the best deal when shopping on Amazon, especially if you come across a coupon or Lightning Deal that lasts only a few minutes. And seeing the regular price slashed out can often create the illusion of a good deal. But you may be able to find the item for a lower price somewhere else.
I suggest using price comparison tools before making a big purchase, such as Google Shopping, CamelCamelCamel or Honey. I’m also a big fan of checking local businesses near me to see if they offer better deals on the same items that I can pick up the same day.