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8 Tips for Taking Advantage of Amazon Prime Day

By U.S. News & World Report

For one-day only — today — Amazon is hosting Amazon Prime Day, which it says will feature more deals than Black Friday. Many of the best deals were kept under wraps until the last minute, adding to the buzz and inspiring other stores, including Wal-Mart, to offer competing sales of their own.

If you’re wondering whether to take advantage of all the deals and make some purchases today, here are some tips to keep in mind:

1. Focus on the big-ticket items. As with Black Friday, consumers have the chance to save the most on big-ticket items that are marked down by a significant percentage. Some of the biggest deals on Amazon that have been revealed so far feature electronics, including cameras, e-readers and stereo systems. Most of the deals come with limited time windows to make purchases as well as limited quantities, which brings us to our next tip.

2. Avoid shopping when you feel rushed. Just as with one-day sales that center around holidays, this one-day sale can lead to shoppers feeling rushed and pressured, which can cause bad buying decisions. As consumer psychologist Kit Yarrow told U.S. News during the last holiday season, shoppers should try to avoid buying anything when they feel competitive pressure, because it often leads to overshopping. Instead, she suggests pausing before hitting the buy button, and spending some time away from your screen.

3. Stick to your list. Buying items that catch your eye on Prime Day might mean spending money on products that you really don’t need and end up sitting unused in a storage closet. Trae Bodge, senior lifestyle editor for RetailMeNot.com and U.S. News contributor to the Frugal Shopper blog, encourages shoppers to consult their shopping lists of items they know they need, so they can avoid making unnecessary purchases.

4. Remember that time is money . As with Cyber Monday after Thanksgiving, Amazon Prime Day presents a potential distraction to our work day: It falls on a Wednesday when many Americans are supposed to be working. If you’re at work, spending time scrolling through coupons might end up costing you in terms of your lost output.

5. Weigh the benefits of Amazon Prime membership. The cost of membership is $99 a year. If you aren’t already a member, then you’ll want to consider whether than investment makes sense for you and your budget. Benefits include free two-day shipping, access to free movies and music streaming, and free books through the Kindle Lending Library.

Lisa Koivu, U.S. News contributor to the Frugal Shopper blog and founder of ShopGirlDaily.com, urges consumers to think about their shopping habits before signing up: Are you likely to borrow free Kindle books or watch shows through Amazon Instant Video? Do you like to order household items through the mail? If so, your budget could benefit from a Prime membership.

6. Look beyond Amazon. If you’re browsing the Amazon Prime Day sales, then don’t forget to hop over to other sites, like Walmart.com, to check out all the copycat sales going on today. Wal-Mart has announced that it is discounting over 2,000 items online today across many departments, including electronics and household items. Shoppers don’t need to buy a membership first in order to take advantage of those discounts, and free shipping starts at orders of $35.

7. If you make a purchase, prevent the snowball effect. Researchers at the Stanford Graduate School of Business have identified something called “shopping momentum,” which means one purchase can lead to more purchases. In other words, shoppers have a hard time stopping once they start buying. So if you are tempted into “clicking” your way to a purchase today, consider stepping away from your computer or smartphone to take a breather and break that cycle of spending.

8. Keep your biggest goals in mind. It’s easy to get distracted by the shiny, new items flashing on your screen, but your biggest goals might have nothing to do with a new DVD or headphones. You might be aiming to pay off debt, save money for a much-needed vacation or fund your emergency savings account. Despite all the distraction of today’s sales, it can make more sense for your wallet to step back and focus on those bigger goals instead — so you’re living by your own agenda, and not Amazon’s.

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8 Tips for Taking Advantage of Amazon Prime Day originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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