3 Signs You Should Avoid Amazon Prime Day Like the Plague

Sorry, but Prime Day may not be the optimal time for you to shop.

If you shop on Amazon regularly, you may be routinely tempted to purchase items that don't fit into your budget. And that's why so many consumers get into trouble during big shopping events like Prime Day.

This year, the 48-hour mega-event is slated to happen sometime in July. Amazon has yet to release the official dates, though -- perhaps in a ploy to drum up anticipation among consumers and get them excited to spend even more.

You may be eager to shop on Prime Day this year and load up on good deals. But if these signs apply to you, you're much better off skipping the big event -- and working on improving your financial picture.

1. You can't pay your bills as it is

These days, many consumers are struggling to cover everyday expenses like groceries and gas due to inflation. If you're having a hard time just paying your bills, then you shouldn't be shopping for non-essential items on Prime Day.

That said, if certain essentials that you use regularly happen to go on sale during Prime Day, then by all means, scoop them up at a discount. You may, for example, find your favorite brand of soap or shampoo available at a lower cost.

2. You have no money in savings

Maybe you're managing your bills okay and even have a little money left over at the end of the month. That's all fine and good. But if your savings account balance is $0, or pretty close to it, then you really shouldn't be buying any non-essential items until your cash reserves grow to be more robust.

These days, many financial experts are warning that an economic downturn could soon be upon us. At that point, jobs won't be as secure. If you don't have a healthy emergency fund, building one should really be your first priority. And that means putting every spare dollar you have into the bank rather than spending money.

3. You already have a large chunk of credit card debt

Credit card debt is unhealthy for a few reasons. First, the more of it you have, the more damage your credit score might sustain. And poor credit could make it difficult to get a loan, or an affordable one, when you need to.

Also, the more credit card debt you have, the more money you're likely to waste on interest. And so if you already owe money on your credit cards, the last thing you want is to add to that tab by making Prime Day purchases.

Again, the one exception here is if an essential item you use all the time goes on sale during Prime Day, because that's something you'd be buying anyway. But it's really best to otherwise divert every extra dollar you have to chipping away at your credit card balance until it's gone.

Prime Day might read like an exciting event, but rest assured there will be others like it. And so if your personal economic picture isn't as solid as it could be, you're better off avoiding Prime Day and instead working to shore up your finances.