Another Amazon Prime Day Is Coming in October

Amazon Prime day is a highly anticipated shopping event that commonly falls in July. And this year, the online retail giant offered a host of deals during its two-day Prime Day sale that ran from July 11 through July 12. During that time, the online retail giant sold 375 million items worldwide.

This past Prime Day was so successful for Amazon that the company has decided to do it all over again. While it hasn't announced specific dates, Amazon plans to have another Prime Day event in October. And it could be a great opportunity to load up on holiday purchases ahead of the season.

A host of deals

Amazon commonly leaks Prime Day deals ahead of the big event. And while it's too soon to know what to expect this October, it's also fair to assume the online retail giant will be offering a host of deep discounts. That could put you in a great position to stock up on holiday gifts and purchases at a lower price point. 

Also, if money was tight in July and you weren't able to take advantage of Amazon's Prime Day deals, you might get a second chance come October. In fact, since you have a good two months heads-up, you can start putting cash in your savings account now so you're in a better position to afford the purchases you want. 

Should you shop during Amazon's second Prime Day event?

The idea of a second Prime Day this year may be exciting. But before you start making your shopping list, assess your financial situation. 

If you're currently carrying credit card debt -- whether from Prime Day in July or another reason -- then you really shouldn't plan to shop during October's Prime Day event unless you've managed to whittle your balance down to $0 by then (or at least whittle it down significantly). Similarly, if you're living paycheck to paycheck without an emergency fund to fall back on, then every spare dollar you come across should go directly into the bank so you have that safety net.

Also, if you loaded up purchases from your wish list during Amazon's July event, then you may not need to shop during October's Prime Day. Seeing items discounted is always appealing. But remember that unless you're buying an item you really want, you're not saving yourself anything by scooping a given product up on the cheap.

For example, say you've been wanting a robot vacuum cleaner and the one you're looking at normally retails for $399.99 on Amazon. If the price of that item is slashed by $100 during the upcoming Prime Day event, great -- you get to save $100. But if you never really wanted a robot vacuum cleaner in the first place and you buy one for $300, you haven't saved anything -- you've just spent a few hundred dollars for no good reason.

The danger of events like Prime Day is that they can trick you into thinking you want or need items you really don't. And they could tempt you to spend money you can't afford to be parting with. So while it's natural to get excited about the idea of another Prime Day event, you should also proceed with caution once those deals start to drop.