Have you taken advantage of Amazon Prime Day, or are you ignoring it completely?
If you were interested in buying a Kindle, an Echo speaker, a Fire Tablet or TV stick, a Blink security camera or any other tech that Amazon makes, this could be a good time to do it.
(You have until 2:59 a.m. Tuesday, July 16, to make up your mind.)
According to Cnet.com, some prices hit rock bottom during the sales promotion. That Fire TV stick was just $15, and the Echo Show 5 was priced at $50. In addition, while the Amazon Echo dropped down to $22 (from as high as $50), you could get an Echo for free if you bundled it with stuff like Ring Video Doorbell Pro or the AmazonBasics microwave.
Non-Alexa household, here. In fact, I have to admit that I spaced the date until Amazon Prime Day was more than half over. And I’m okay with that, because I agree with Mark Hamrick, senior economic analyst with Bankrate.com: Any spike in sales is good news for Amazon shareholders, “but not necessarily for consumers as a whole.”
The hype surrounding Amazon Prime Day is not unlike that of Black Friday (or Gray Thursday, or Cyber Monday). We’re being set up for a major, collective case of FOMO (fear of missing out). What if we miss the best deals ever? What if everyone else gets the cool gear and we don’t?
Yeah, and what if the prices aren’t as good as they look?
That FOMO can cause people to make “compulsive, financially counterproductive purchases as the buzz over Prime becomes a roar,” Hamrick notes.
“While some might enjoy the rush of clicking the ‘buy’ button, longer-lasting regrets can follow upon realizing the item wasn’t necessary and personal financial goals are one casualty.”
Amazon Prime Day: Deal or no deal?
Understand: I’m not against taking advantage of a screamin’ deal. But how sure are we, really, that everything being sold on Amazon Prime Day is worth the freight?
Ideally, you will have a sense of what things really cost before hitting “buy.” But before you commit to any purchase, any time – not just on Amazon Prime Day – you should ask yourself these questions:
- Do I have sufficient savings, including an emergency fund?
- Do I have a budget for birthday/holiday/other occasion spending?
- If the purchase is for me, do I really need it or am I falling victim to the hype?
- What’s the opportunity cost of these dollars?
According to a Bankrate survey released in May 2019, some 56 percent of U.S. residents have regrets about saving. More than one in four (27 percent) say they didn’t start saving for retirement early enough, about one in five (19 percent) don’t have enough in their emergency funds, and one in 10 neglected to set aside enough for their kids’ education.
Maybe some shoppers budgeted for Amazon Prime Day, and had a firm grasp on what’s a good deal and what isn’t. Maybe they looked at some of the offerings and said “nope.”
I hope so. But I’m pretty certain that some people can’t resist even the notion of a deal. They have to take part. FOMO is one mean monkey.
Amazon Prime Day: Non-buyer’s remorse?
In my case, I’m not afraid of having missed out.
Sure, I might have found great holiday or birthday gifts at deep discounts. But I tend not to buy retail for many special occasions, relying instead on hacks like judicious re-gifting, yard sale and thrift store finds (last week I got trade paperbacks at two for a quarter and hardbacks for 25 cents), and cashing in rewards credit card points for gift cards (either to give outright or to use for shopping).
Understand: Had I planned to buy someone a Kindle for Christmas, I might have bought it today. It might be cheaper on Black Friday, but it might not be.
Had I needed to buy a Ring doorbell video system, I’d have bought it today. In fact, I would have set a reminder because I’ve heard good things about the Ring product. Thankfully, I don’t need one.
Nor do I need much of anything else. At this point in my life I have everything I need and some of what I want, which is a blessed place to be.
Those who are still obtaining the things they need for successful and/or satisfied lives might have saved a lot of money today. But they might also have dropped a few hundred (or a few thousand) on things they didn’t strictly need, at the literal expense of future financial security.
Or even current financial security: Suppose you spent a ton on Amazon Prime Day because it all looked so darned good, and a few days later developed car trouble, or had to pay out of pocket for a sick kid because you hadn’t met your deductible yet. Those few hundred bucks would come in mighty handy.
Try not to follow the crowd. And for heaven’s sake, start building those emergency and retirement funds before you buy yet another tech gadget.
Okay, readers, here’s your chance: You can share the staggering deals you got or you can diss the whole thing. How did Amazon Prime Day work for you?
I am ignoring it.
I didn’t even know when Amazon Prime day was. I guess I didn’t miss it. After two years of outfitting our home in the woods I am done with all purchases inside, and outside, our home.
My husband likes to spend money on fishing paraphanalia which is okay by me since he regularly catches fresh fish for my enjoyment.
It’s great to be in a place that I can honestly say I have everything I need, and then some.
As I said earlier, I am saving money by having deleted my account,so I will pass. My credit card statement was easier on my bank account this month with nothing on it but gas purchases and Hulu.
Saw it…ignored it. I too am in a place where I have all I need and most of what I want.
I am also in the “Ignoring Prime Day” club. My opinion is its an excuse to spend on things one wants more than actually “needs”.
There is nothing that I can’t live without. I have all I need, and some that I want – and am grateful daily to be in this place.
I saw on news there were great prices on some of their “techie” items – but again – non Alexa home here…don’t need a doorbell on my condo….already have a Kindle.
I’m the kind of weirdo that prefers money in the bank over buying new toys 🙂
The same weirdo dog bit me.
I was looking to see what all the hype was about as my daughter called about it. She bought a few things. Most was technical stuff and I don’t want or need any of that stuff. I keep eyeing up air fryers, but I didn’t really think that is any cheaper than any other time. Haven’t bought anything. Like you said, a lot of hype!
Went to Aldi’s bought a little wading pool ($5) for my Prince Charming (smiley grandson, age 15 months), enjoyed watching him splash in it and say “whee” every time I poured a little water on him. Best 5 bucks I ever spent. Didn’t take advantage of prime day, so don’t have FOMO regret hangover today. Life is good!
That wading pool probably seemed like an ocean to the young prince. Simple pleasures!
I have been ignoring it!
I planned ahead for a while for Prime Day. I bought a Ring Alarm system. I had planned to get one and have been checking prices for months. The price was the lowest I’ve ever seen by quite a bit, so I bought it. I also got a Fire TV stick for a friend’s birthday gift and some usb drives for work that were paid for by the company. I got a free Echo Dot with the alarm system, and I’m pretty excited to have it on the patio. I have one in the house that we use a lot.
I stopped buying from Amazon Prime during Lent as a way to bring my attention to how much I was using a company and service I feel ambivalent about. I learned that I was spending well over $250 on things that I could either buy locally or borrow or simply do without. Books were a constant temptation and I bought books that would be better borrowed from the library, titles I was unlikely to want to keep around for future readings.
After that experience, I decided not to renew my Prime membership when it came up in May. I still go check on Amazon to see what things cost, but either wait until I hit the free shipping mark or purchase locally or go without. I have noticed no hit to my quality of life!
Those changes allowed me to totally miss that Prime Day was happening. Once I saw the social media buzz, I realized I was going to “miss out” on the deals. But I realized there was nothing I was looking for! Ha! So much for that FOMO!
I did have one surprise win, however. I had put about $175 worth of work clothes in my shopping cart at Old Navy. I had some coupon codes from Swagbucks and I was waiting for my gift card from Swagbucks to go through to buy my cart. And I was having trouble shaking the idea that I could get an even better deal. Now, these are staple items like slacks and cardigans, and as I large plus-sized person, good deals are relative, but still – that feeling nagged at me. Checked my email Monday morning and there was a note from Old Navy. 50% off everything today! I guess they are keeping up with the Amazon-joneses. I went ahead and clicked buy – that $25 Visa giftcard I redeemed from SwagBucks can be used elsewhere. Saving 50% qualified as enough of a deal for me. I am going to see if I can budget for clothing staples this time of year next year – might as well take advantage of this black Friday in July nonsense and stock up on bras and underwear, too.
What a thoughtful, measured response. Thank you.
And congrats on the deals.
Ignored it. I almost got sucked into $3 polos at Old Navy for the kids’ school uniforms but realized I’d already gone through their school clothes at the end of the school year and they’re good for one more year.
My best deal was looking at my savings account balance. No sale beats that kind of satisfaction
I had never heard of Prime Day before this year, but have been needing a new laptop for some time. We have been pricing Chrome books for some time but had hoped our techie son in law might have a refurb for us. Did not happen. We went to Amazon on Monday and found what we wanted for $200. Less than our other sources. Pressed the BUY button.
P. S. Was very close to throwing old laptop through glass doors.
Wow, that does sound like a find.
I’m glad you found what you needed. Have a feeling that your glass doors are glad, too.
I planned around it. Had a few specific needs, shopped around, then bought on Amazon a couple days before the Prime thing. I was pretty sure my mundane stuff wouldn’t be on sale and I didn’t want the temptation or hype.
It simply did not occur to me to buy anything on Prime Day. I did not need anything. How can I save if I get a hankering to spend my emergency money on Amazon. I feel I have really no desire for that kind of frantic searching for stuff to buy just because it is on sale. I only buy what I need. Am blessed to have some of my wants, and did not think about getting online and spending money. So I’m good.
We’re not Prime members, so I didn’t even look at the deals. But truthfully, I’m not sure what I’d have looked for. I have 70+ books on my library wishlist, to request or download as I get around to them. I’ve seen Alexa in action and while it’s amusing, I doubt I’d use it that much. I could use some new dishcloths and mini-blinds, which I’ll get around to purchasing locally one of these days.
I’d far rather put our money into savings or toward much-needed home repairs, or save up for a trip to visit my mom or my sister, who I don’t get to see nearly often enough.
I only visited the site because I had a $10 amazon credit from shopping at Whole Foods (they have beautiful fresh flowers for my mom who hasn’t been feeling well). I got laundry detergent with my credit for less than I would pay locally for a smaller size.
I also used a $10 amazon credit from Whole Foods to buy an exciting pack of socks!
Prime Day(s), what Prime Day(s)?
Prime Day no sale. I have a dairy allergy and want an ice cream machine so I can make alternative ice cream. I really miss ice cream and the non dairy options have very limited flavors.
I have researched and knew which machine I wanted. I looked on Sunday and the machine was $X. Monday morning comes and the machine is $17 more. I check again in the afternoon and Amazon had matched Walmart’s price which was $14 more than Sunday. No FOMO here it is FOMM Fear of Missing Money. So I am still looking/waiting for a deal.
Son got an Echo, which I refuse to have anywhere but his room. He also got some tablet thing for grandkids use at my house. I use my refurbished iPads until it can’t be updated anymore so don’t like to loan it for fear of breaking. Been busy running around on vacation with my stack of library books enjoying summer vacations.
Didn’t even realize it was Prime Day until I got an email from my building manager saying that the mail room was overflowing with packages because of it, and could residents please come get their crap? I’m paraphrasing, of course!
I did get a great deal off Chewy. com this week, combining discounts and getting it shipped for 50% less than I can find it locally. After it got delivered, I realized I should’ve just bought enough to last the rest of the year. so Actual Missing Out?? Nah, there will be another deal 🙂
This post did make me think about earmarking some savings for a new laptop during November’s Black Friday sales, since mine is nearing ‘throw through glass door’ stage as well. Planned spending to take advantage of a deal, not mindless spending.