- Amazon has yet to release the official date of Prime Day, but it's expected to happen in July.
- It pays to start saving for that event now, before it creeps up on you.
Start socking your money away.
Amazon Prime Day is a highly anticipated shopping event. And it's one you should think about saving for now, while you can.
Of course, the interesting thing is that Amazon is being cagey about Prime Day and has yet to reveal its date. Sources say to expect Prime Day to happen in July, though, which means at this point, you may only have a couple of months to save up for that mega event. Here are three reasons why it pays to start socking money away as soon as possible.
1. You don't want to rack up debt
Shopping events like Prime Day can really open the door to temptation. After all, if there's an opportunity to scoop up key products while they're on sale, it makes sense to want to jump on it.
But if you don't save money for Prime Day in advance, you may end up charging your purchases on a credit card and paying off that balance over time, all the while accruing interest. And the more interest you rack up on your purchases, the more you negate the savings you tried to reap in the first place.
Let's imagine a device that normally retails for $349 gets marked down to $299 for Prime Day. That's a cool $50 in savings. But if you end up paying $25 worth of interest due to carrying a credit card balance for many months, that'll seriously cut into your savings.
2. You want to take advantage of great deals
There are plenty of opportunities during the year to score good deals on Amazon. But during Prime Day, you may be looking at some serious discounts on essential products -- things like kitchenware, sheets, towels, apparel, and other items that may fall into the "needs" category more so than "wants."
Now clearly, it makes sense to buy those items when they're at their most discounted point. And so if you start saving for Prime Day ahead of time, you may be in a better position to fill your cart with more deals and take advantage of lower pricing while it's available.
3. You want to do your holiday shopping well in advance
Last year, many consumers who waited until Black Friday or Cyber Monday to do their holiday shopping came up short when supply chain bottlenecks reared their ugly head and propelled many items into the "hard to find" category. If you want to avoid a potential repeat scenario this year, then it could pay to do your holiday shopping on Prime Day.
But once again, you don't want to rack up debt on the Prime Day purchases you make. And if you start saving now, you might manage to check off items on your holiday list well in advance -- and take some stress off your plate later on in the year.
Make the most of Prime Day
We don't know exactly what this year's Prime Day has in store, but you can bet you'll be tempted to at least buy something. The more you save ahead of time, the more options you'll have once that mega event kicks off.
Alert: highest cash back card we've seen now has 0% intro APR until nearly 2025
If you're using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR for 15 months, an insane cash back rate of up to 5%, and all somehow for no annual fee.
In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.
Our Research Expert
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 - 2023 The Ascent. All rights reserved.