3 Mistakes to Avoid During the Prime Day Frenzy

On the heels of its successful July Prime Day, Amazon is running a second Prime Day event in October. Called Prime Big Deal Days, the online shopping extravaganza is scheduled to take place on Oct. 10 and 11. During that time, Prime members will have the opportunity to reap savings on a wide range of products, from home goods to electronics to apparel.

You may be eager to take advantage of October's Prime Day event. But it's important to do your best to avoid these mistakes along the way.

1. Using up your money on impulse buys instead of the things you really need

During an event like Prime Day, you're likely to see hundreds of deals drop in short order. That could easily open the door to temptation.

One thing you don't want to do, however, is jump on those bargains impulsively. If you do, you might spend so much that you don't have enough money left over for the things you really want or need.

Before Prime Day begins, spend a little time making a wishlist of your needs and wants. And try to only buy things from that list during Prime Big Deal Days, so you can make sure your money is being put to good use.

2. Racking up debt to capitalize on bargains

It makes sense to buy the things you want and need when they're discounted rather than pay full price. But it doesn't make sense to rack up a massive amount of credit card debt when snagging those deals. The amount you end up paying in interest could eat into the amount you save, or even surpass it.

Let's say you end up with a $1,000 credit card balance after Prime Day on a card with a 24% APY. If it takes you two years to pay that balance off, you'll end up losing about $269 to interest. So even if you managed to save about that much by shopping on Prime Day, you're not gaining anything -- and you're taking on the stress of being in debt.

A better idea? Set a budget for your Prime Day shopping so you don't go overboard. That sum can be based on funds you have in savings or from an upcoming paycheck.

3. Buying things simply because they're on sale

The idea of snagging a bargain is appealing in its own right. But don't make the mistake of buying things during Prime Day for the express purpose of getting a deal.

You might enjoy the temporary high that comes with knowing you've snagged a good price. But if the item in question isn't so desirable to you, you might eventually regret your purchase.

As an example, let's say you can snag a TV for $100 off its usual price. You might feel good about having saved $100 initially -- until you take a step back and realize you didn't particularly want or need that TV in the first place. So again, make a list and pledge to stick to it. Straying could have negative consequences.

You may be excited to see what deals are coming down the pike during Amazon's Prime Big Deal Days. But to enjoy the experience to the fullest, make every effort to steer clear of these major blunders.