Should You Load Up During Amazon's October Prime Day, or Wait for Cyber Monday?

It's a tough call, and much of it will depend on where you are financially.

In July, Amazon's two-day Prime Day shopping events prompted millions of consumers to bust out their credit cards and order up items on the cheap. Now, Amazon is doing it again. The online retail giant is launching what's effectively being dubbed as a sequel to Prime Day.

Amazon's Prime Early Access Sale is scheduled for Oct. 11 and Oct. 12. During this time, Prime members can expect discounts on everything from home goods to apparel to electronics.

But does it pay to spend a lot during the Prime Early Access Sale? Or are you better off holding out for Cyber Monday, when the retail giant might come through with even better deals?

The case to shop now

Inventory issues were a challenge during last year's holiday season. And while many supply chains have caught up nicely, there are still reports of bottlenecks that could impact holiday inventory for 2022. That's reason enough to consider doing more of your holiday shopping in October and take full advantage of Amazon's Prime Early Access Sale.

Even if you don't manage to do all of your holiday shopping during the Prime Early Access Sale, it still pays to look around and see what items Amazon has on offer. That way, you can track their prices throughout the holiday shopping season and see if a better deal pops up down the line.

The case to wait

Many people aren't prepared financially to do their holiday shopping in October. If that's the situation you're in, then you may want to hold out until Cyber Monday simply to avoid winding up with a heaping pile of credit card debt.

Maybe your plan was to pick up a side hustle later this month and use your earnings to load up on holiday gifts in late November. If you're short on funds now, you could end up having to carry a credit card balance forward, thereby subjecting yourself to costly interest.

And also, while you might think you're getting the best deals on Amazon during the Prime Early Access Sale, the reality is that you won't know whether Cyber Monday is a better deal unless you actually hold out and see what prices are offered then. If you load up on items on Oct. 11 and Oct. 12, you may be beyond your return window by the time Cyber Monday rolls around.

What's the right call?

There tends to be a lot of hype around Amazon's big shopping events, so it's easy to see why you might be excited to shop during the Prime Early Access Sale. If you see must-have items on your list get deeply discounted during that time and you can afford to pay for them outright, then by all means, add them to your cart and arrange for them to arrive at your door. But if you don't see too many compelling deals and money is currently tighter than it may be in a month or so from now, then you may be better off waiting until Cyber Monday to do your shopping.