Retail

Suze Orman Has A Warning About Amazon Shopping

Andrew Dupont

Published: November 21, 2023 9:20 am

One of the best and worst parts about living in the age of technology is the ability to online shop. The ease with which we can purchase items and have them directly delivered to us takes the stress out of a lot of situations. We can also shop and send gifts to those who are thousands of miles away. However, this can lead us to spend money in ways we didn’t before technology. Suze Orman is one of the most successful businesspeople in the world. Her net worth has gotten to $75 million thanks to her career as a financial advisor, author, and television personality. She wants to share her knowledge with the world on how to accumulate wealth like her and does so often. Her advice about shopping on Amazon (NASDAQ: AMZN) is something a lot of people need to take to heart.

What Does Suze Orman Have to Say About Amazon?

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When someone with a net worth of $75 million speaks about finance, it’s smart to listen. One of the biggest ways to save money and not live paycheck to paycheck is by deciding if something is a want or if it’s a need. On Amazon, most of the things we can purchase would classify as a want. There are some medicines and different cheap exercise equipment that could be considered a need, though. New clothes when your old ones fit just fine, accessories you might end up using once or twice, and other things you might find around your house add up quickly in cost.

Another thing Suze Orman talks about is living below our means. Just because we can afford to buy something now doesn’t mean we should. If you could count up the amount of purchases you’ve made because you can, you’d be alarmed by how much you’ve spent. This number is different for everyone, but these cost people thousands of dollars every year. Living below your means can only help you in the long run by saving money and not stressing.

The last thing Suze Orman talks about is getting the same euphoric feeling from saving money that you get from spending money. We all know this feeling. The idea of getting something brand new excites us. But why can’t we have that same feeling when we are saving money and being responsible? This is all part of our mindset and how we view money. If we can change our mindset to get that exciting feeling from saving money, then our bank accounts will thank us.

How Much Do Americans Spend With Amazon Every Year?

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The average American spends just over $90 every month on Amazon purchases. This is one stock you should invest in since we love it so much. If you multiply that up through the entire year, that adds up to a total of $1,080. There are times when you need to spend money on Amazon, but odds are you don’t need to spend $1,080 there. You also need to think about how often you still use the items you get from Amazon. More than likely, you probably used the items once or twice when you first got them. If it’s something you’ve used consistently for more than three months, you’ve adopted it into your everyday life and it’s been a good purchase.

How to Make Sure You’re Not Overspending

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The easiest way to ensure you’re not overspending on Amazon is to create a budget and stick with it. Once you create a budget, you can plan to spend a certain amount of money per month on Amazon and still have savings left over. It’s important to buy stuff that you want because you’ve worked hard for your money and deserve to spoil yourself. The problem arises when you don’t realize how much you’ve spent on yourself and the bill comes due. Budgets are the best way to control these types of situations. They allow you to allocate a certain amount. The key is making sure you follow it. This takes discipline and might be tough at first to keep track of and log everything you purchase.

After you do it for a few months, you’ll see it becomes very easy to keep track of everything you buy. You will also see your savings account rise to numbers you didn’t know it could. Even though we get euphoric feelings when we buy things, most of us experience regret or remorse when we feel like we waste money on something we don’t need. Creating and following a budget will always be the best way to make sure you save money while still allowing yourself to spend a little. You shouldn’t ever feel like you can’t do something, it’s just more responsible to do it in moderation.