The Income Lab | Smart Money Tips for Middle-Class Indians

Ever bought something expensive and then regretted it the next day? You’re not alone. Impulse decisions are emotional. But smart ones are intentional. That’s why I started using the 10-10-10 Rule — a simple mindset trick that’s saved me from dozens of bad financial choices. 🧠 What Is the 10-10-10 Rule? Ask yourself 3 questions before spending : How will I feel about this 10 minutes from now? How will I feel 10 months from now? How will I feel 10 years from now? It works because it forces you to zoom out — from instant emotion to long-term impact . 📱 Example: Buying that ₹12,000 smartwatch on impulse? 10 minutes later : You’re excited 10 months later : You probably stopped using it 10 years later : That ₹12K could’ve doubled in a mutual fund It’s not about guilt — it’s about awareness . 💡 Why It Works: Shifts your focus from now → future Helps prevent emotional purchases Strengthens delayed gratification Makes money feel more meanin...

You see a “limited time offer.” Your fingers itch to click Buy Now . You justify it: "It’s only ₹799… and it’s on 40% off!” But what if I told you a 10-minute walk could save you thousands? Let me introduce you to the Walkaway Rule — the easiest anti-impulse buying tool you’ve never used. 🧠 What Is the Walkaway Rule? It’s simple: When you feel the urge to make an unplanned purchase — walk away for 10 minutes . No buying. No checking out. Just walk (physically or mentally). Why? Because impulse buying is driven by emotion, not logic. 10 minutes gives your brain time to cool off and ask: “Do I really need this?” 📉 Why Impulse Buying Hurts You More Than You Think You lose control of your monthly budget You fill your home with things, not wealth You feel regret but don’t track the damage You normalize spending without intention ₹799 here. ₹1,299 there. Over 12 months, that's ₹30,000+ — gone . 🛠️ How to Use the Walkaway Rule (Effectively) ...

You opened Amazon to buy a phone cover. You added a power bank. Then a smart bulb. Then a ₹399 "deal of the day." Suddenly your cart was worth ₹2,800. And you didn’t even need most of it. This is the Amazon Cart Effect — a modern spending trap costing Indian households thousands every month without them realizing it. 💳 What Is the Amazon Cart Effect? It’s the psychological tendency to: Add extra items to your online cart "since you’re already buying something" Chase free delivery or coupon thresholds Fall for “You might also like…” suggestions Convert needs into “might-as-well” buys Small, impulsive adds = big, long-term damage to your savings. 🧠 Why It Feels Harmless (But Isn’t) UI Traps You : Amazon & Flipkart are designed to keep you shopping Price Anchoring : “It’s only ₹199” feels harmless — until it’s 6 items Instant Gratification : UPI, 1-click orders, and fast delivery = zero time to rethink Guilt-Free Logic : ...