This Week In Your Wallet: Prime Edition
Is anyone else feeling like Amazon Prime Day is more than just an annual sale? It seems like a shopping holiday! But hold on before you finalize your cart. Here are some thoughts.
Who else has dipped their toes into the excitement of Prime Day? It's not limited to Amazon anymore; Walmart, Target, and other retailers are joining the fun. I even received an email offering 25% off at Bloomingdale's for this shopping frenzy that kicked off yesterday and wraps up tonight.
As for me, I've been cautious. With a new pantry to organize and a binge of The Home Edit during lockdown, I’ve added a set of Rubbermaid organizers to my cart but haven’t checked out yet. Why? 1) I'm uncertain if they'll fit my needs. 2) Money Rule #41: Even at 50% off, you're still spending money. 3) I have two other influences affecting my decision.
The first is my recent chat with Alec MacGillis, author of Fulfillment: Winning and Losing In One-Click America, on our latest podcast. Even before the pandemic, over 40% of e-commerce transactions went through Amazon, and during COVID, sales surged by more than 40%. His insights on how Amazon shapes small businesses and consumer choices are enlightening.
The second recommendation is a must-read piece by Wall Street Journal's Nicole Nguyen titled How To Shop Online and Not Get Ripped Off. Key advice: be aware of your sellers. Many items, especially on Amazon, come from third-party sellers. Check the “sold by” section on the product page before purchasing. If a seller raises any red flags, or lacks a customer service number, it's best to skip that buy. Also, don’t trust reviews blindly; they can be outdated or fabricated. Lastly, always opt for products with a solid return policy.
Resisting the Temptation to Splurge
FOMO is back, as highlighted in a recent New York Magazine article. The piece explores the challenges of returning to normal life after the pandemic. Life was simpler without social obligations, and it was definitely cheaper. Now, we find ourselves purchasing makeup and other essentials for going out again, as well as products like teeth whiteners and sunscreen.
However, as Michelle Singletary points out, there are valid reasons to think twice about splurging. First, inflation is rising. Everything from cars to groceries to travel is costing more than a year ago. You need to plan for that in your budget. Second, concerning debt, while 34% of credit card holders owe less than last year, 26% owe more. We’re not saying to avoid spending altogether, but it’s wise to assess your debt situation first.
Flexibility at Work
Across the U.S., companies are cautiously planning how to return employees to the workplace. Many are gathering feedback and weighing options before announcing any changes.
Yet, headlines indicate a significant number of workers aren’t eager to return full-time. If you’re one of them, how do you address this without seeming demanding?
As noted by a contributor, it’s essential to focus on what benefits your employer. Highlight your productivity during remote work and how flexibility has improved your performance. Also, consider how you'll feel being remote while colleagues return. Will that trigger a different kind of FOMO for you?
Other News
We’re still waiting for Harriet Tubman’s image on the $20 bill, but upcoming quarters will feature women like Sally Ride and Maya Angelou. If you want to suggest a woman to honor, here's the nomination form.
