Maximize Your Savings This Amazon Prime Day with O1ne Mortgage

Amazon Prime Day is a highly anticipated annual shopping event that promises epic savings on a wide range of products. However, the allure of deep discounts can sometimes lead to overspending. To help you navigate this retail holiday without breaking the bank, we’ve compiled some essential tips. And remember, for any mortgage service needs, O1ne Mortgage is here to assist you. Call us at 213-732-3074 to learn more.

Review Your Budget and Stick to It

The cornerstone of responsible spending is having a budget and adhering to it. Without a budget, you may find yourself overwhelmed by the plethora of deals and end up spending more than you can afford. Start by reviewing your existing budget to see how much room you have for discretionary spending. If you’re planning to buy household items, you might be able to fit your Amazon Prime Day purchases into that category. For bigger-ticket items, assess whether they align with your monthly spending limits.

If you’ve been saving for holiday shopping, Amazon Prime Day could be an excellent opportunity to get a head start. However, be mindful of return policies to ensure your purchases can be returned if needed. If you dip into your savings, make a plan to replenish the funds promptly. Avoid using your emergency fund for Prime Day purchases, as this could leave you financially vulnerable.

If you don’t have a budget, now is the perfect time to create one. A budget helps you manage your monthly income by subtracting fixed expenses and allocating the remaining funds for savings, discretionary spending, and debt repayment. Consider budgeting methods like the 50/30/20 rule or zero-based budgeting to get started.

Check to See if the Item Is a Good Deal

Just because an item is on sale on Amazon doesn’t mean it’s the best deal available. Amazon offers a vast array of products from various retailers, and prices can vary. Take the time to cross-check prices on other websites to ensure you’re getting the best deal. Price comparison tools like CamelCamelCamel can help you track price fluctuations over time, giving you a better idea of whether you’re truly getting a bargain.

Offset Your Costs by Paying With a Rewards Credit Card

Using a rewards credit card can help you offset your Prime Day purchases by earning points, miles, or cash back. Depending on your card and its rewards program, you have different options for maximizing your benefits. If you want to minimize your out-of-pocket expenses, a card with generous cash back could be ideal.

For those looking to avoid interest on big-ticket items, a card with a 0% introductory APR on purchases can be a lifesaver. Just make sure to pay off your balance before the introductory period ends to avoid interest charges. If you’re planning a vacation, a card that offers substantial points or miles can help you earn rewards for your trip. Charge your purchases and pay them off quickly to maximize your rewards.

To find the best rewards credit card for your needs, consider using tools from Experian to get personalized credit card offers based on your credit profile.

The Bottom Line

Amazon Prime Day is a fantastic opportunity to save on items you need or have been eyeing for a while. To make the most of this shopping event, stick to your budget, compare prices to ensure you’re getting the best deal, and consider using a rewards credit card to earn points or cash back. By following these tips, you can enjoy the benefits of Prime Day without overspending.

And remember, for any mortgage service needs, O1ne Mortgage is here to help. Call us at 213-732-3074 to speak with one of our expert loan officers. We’re committed to providing you with the best mortgage solutions tailored to your needs.