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If you love mega shopping events like Black Friday and Cyber Monday, you may be happy to hear that you don’t have to wait until late November to go on a spending spree. Amazon’s October Prime Day event, known as Prime Big Deal Days, is scheduled to take place on Oct. 8 and 9. During that time, shoppers can potentially enjoy a lower credit card tab when they buy thousands of items on the site.
But if you’re on a budget — which you should be, at least to some degree — you’ll want to manage an event like Prime Big Deal Days carefully. Here’s how to make the most of it without going overboard.
Don’t be lured by lightning deals
Lightning deals are limited-time specials offered by Amazon. They generally last for a few hours, and they’re not exclusive to Prime Day events. You might find a lightning deal on a random Tuesday just by scrolling the site.
But during events like Prime Big Deal Days, you can expect many lightning deals to drop. And that’s not necessarily a good thing.
With lightning deals, there’s only a limited quantity of the product that’s being offered at a discount. That puts the pressure on to scoop up a deal while you can. As a result, you might end up making impulse purchases that drive you over your budget and lead you into debt. You might also end up spending so much on unplanned buys that you don’t have enough money left over for the items you really wanted.
Because of this, you’ll need to be careful with lightning deals. As you come across them, ask yourself: “Would I actually want this item if it wasn’t on sale?” If the answer is no, you should pass.
Sign up for invite-only deals ahead of time
Amazon doesn’t have an unlimited supply of every item it stocks. And some of the more popular items could easily sell out during Prime Big Deal Days. If you have your eyes on a particular product, you may want to see if you can sign up for an invitation to buy it.
Amazon will designate some items as invite-only deals for Prime Big Deal Days. If you come across one of these items, there should be an invitation button you can click that gives you access to the sale price on Oct. 8 or 9. You’ll get a notification by email or through the Amazon app once your deal becomes available. It’s an easy way to make sure you don’t miss out.
And if you do miss out on an invite-only deal, shop around for an alternative source. There’s a good chance Amazon’s competitors will offer up their own bargains during Amazon’s upcoming October Prime Day event. And you may find the exact same item you wanted at an equally good price if you check Walmart, Target, or other major stores.
You may be excited about Amazon’s Prime Big Deal Days event. But in the course of your shopping, be careful with lightning deals to avoid wasting money. And if you miss out on an invite-only deal, don’t assume you won’t be able to snag a discount on that item elsewhere.
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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.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Maurie Backman has positions in Amazon and Target. The Motley Fool has positions in and recommends Amazon, Target, and Walmart. The Motley Fool has a disclosure policy.
