3 Reasons to Start Saving for Amazon Prime Day Now – The Motley Fool

3 Reasons to Start Saving for Amazon Prime Day Now – The Motley Fool

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by Maurie Backman | Published on May 20, 2022
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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.
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.
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.
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. 
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.

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Maurie Backman is a personal finance writer who covers everything from savings to retirement to healthcare. Her articles have appeared broadly on major outlets such as CNBC, MSN, and Yahoo.
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.
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