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SPENDING A LOT ON AMAZON?

Are your Amazon purchases stressing out your money plan?

Online shopping has become the norm. Who wouldn’t want the convenience and instant gratification of just a few clicks and boom, the item is at your door quickly!

Almost everything you need can be found at Amazon.

You are running out of hot sauce and the store you buy it at is across town. No worries, Prime will deliver it in 2 days or less.

You forgot a graduation gift for your niece! No worries, Prime will deliver it to her for you.

Your child lost their swim cap for lessons and needs one ASAP! Prime has you there too!

Amazon can provide so much value, but if you are not careful it can also provide a lot of overspending.

One item here, a few items there, they can all add up very quickly.

If you are wanting to manage your money smarter, here are a few tips to help you.

  • Have 1 “Buy” day a week – Whenever you are going to make a purchase, add it to your cart. Just don’t buy it yet! Pick one set day a week, and that day only, to make your purchases. (Pro Tip: Don’t make it the weekend! Online shopping happens the most then.) When that “Buy” day comes, you can go to your cart, see what’s there, see the total, see if you still want these items, then make your purchase.

This allows you to evaluate it later and see if it was something that you needed, or simply wanted. It also allows you to see what you are spending in a week and if that total aligns with your money plan.

  • Use a gift card – Decide on a preset amount that you want to set for your Amazon purchases. You can set an amount for the entire month or each pay period. On payday, purchase 1 Amazon gift card, at your preset amount, and link that to your Amazon account. Delete any other payment options. Now when you make a purchase you only have the amount on your gift card to fund it. It’s easy to check your balance and see what you have left for your purchases. Once the funds are gone, no more purchases until you add more funds to the gift card the next month or pay period.

This will help you stick to the amount you set for that period. It also makes the amount you spend very predictable and consistent. It also reduces all those transactions on your bank or credit card statement. Each month or pay period, you know what amount is getting added to your gift card.

Managing your money smarter is possible! Let me know if you use one of these tips, and how you benefit from it!

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