Amazon: 3 Buttons to Save Money with Just One Click
Image sourced by ANIRUDH @lanirudhreddy
If you’re like me, you like to buy clothes and other stuff on Amazon.
And with Amazon Prime, purchasing items is even easier – with the allure of free shipping, easy checkout and fast delivery.
At its core, Amazon is one big search engine. And they use AI (artificial intelligence) to suggest ever more items to buy based on Our recent purchases and browsing habits.
The other day, I purchased a nice royal blue, button down shirt.
Within seconds, similar garments and other items I had recently searched for showed up on my Amazon homepage as ‘Top picks for you’.
The psychology of spending is gratification and sometimes instant gratification. And Amazon makes that a snap by placing items that are similar to the ones you just purchased right before your eyes.
But in order to save money, meet your financial goals and build wealth, it’s very important to resist temptation. Or at least delay it.
Set a realistic personal budget where you get a handle on your income and expenses.
Create an annual personal budget and as part of that exercise, calculate how much money you can spend on discretionary items throughout the year.
Keep your actual spending to less than your periodic spending budget and annual budget.
To save money on Amazon Prime, reign in your shopping spending:
If an item exceeds your monthly spending allowance, monthly budget or monthly spending budget, Don’t buy it! Don’t add the item to your shopping cart today. Wait for another day.
On Amazon and other online shopping portals, when you’re in the shopping cart and land at the checkout, Don’t check out. Leave your shopping cart as is and exit. Click goodbye.
You can always come back another day when you’re ready to buy – after you earn more money or your paycheck or year-end bonus arrives or when the item goes on sale again in the future.
Usually, there’s No hurry to buy today. Perhaps unless there’s a super discount sale. And even then, ask yourself whether you really need to buy the item.
Schedule a day in the future to review your shopping cart. Maybe even schedule an Outlook appointment a week or two out.
On the appointed date, check your shopping cart. Decide whether to click buy and check out or ‘kick the can down the road again’.
When you go into the Amazon shopping cart, click ‘Save for Later’. As you may already know, this simple yet powerful click moves the item from your shopping cart into the ‘waiting area’. Or, if you happen to be a baseball fan, into the ‘on deck circle’.
With the ‘Save for Later’ moneysaving technique, you’re delaying gratification rather than canceling it.
To me, when I know I can add an item back into my shopping cart at some point in the future easily, I still feel like I have purchased the item or will do so soon.
Returns – keep track of the deadlines for returning items you purchase.
Typically, Amazon gives you between three and four weeks to return an item for credit.
After the deadline, the purchase is final. You can no longer return the item for full credit (a refund or Amazon gift card).
For returns to Amazon, drop them off at a Staples or Kohl’s store to get a store coupon, $10 Staples coupon or $5 at Kohl’s coupon. To learn more, click here.
Credit card debt – if you have an outstanding balance on your credit cards (credit card debt), don’t check out unless you absolutely need the items right now. Must have items might include groceries and medicine. Defer your purchases or use a different credit card that does not have an outstanding balance.
Or pay with a debit card (although I don’t like using debit cards for any purchase, offline or online purchases.
I don’t use debit cards because I don’t like outsiders dipping into my checking account).
For returns, when you carry a balance on your credit card (credit card debt), select the option where Amazon sends the credit (money) back to your credit card instead of an Amazon gift card. This will help reduce your credit card debt and save interest expense (reduce interest expense), even if the reduction is temporary.
While you’re at it, consider clicking ‘Delete’ to remove one or more ‘nice-to-have’ items from your shopping cart.
How many blue shirts do I really need at one time?
Typically, I can wear only seven shirts in a week. Except perhaps on a hot summer day.
How many blue shirts do you really need?
How many are enough for You?
Or, how many are enough for now?
While this article focuses on Amazon Prime, you can apply these personal budgeting, moneysaving and online shopping techniques anywhere and with any spending category, online and offline.
Then you’ll really achieve your financial goals, save money and build wealth. And free up extra money.
In fact, right now I happen to have four items ‘resting’ in my Amazon Prime shopping cart.
I’m waiting until the beginning of next month to decide if I want to check out, remove an item or two from the shopping cart or wait some more.
If I Can do it, You Can Too!
While you’re at it, Save More Money on Groceries, Every Day – click here.
Don’t delay. Let’s get to it!
See you next week.
Arthur V.
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