72 hour waiting hack to prevent overspending
We are guided by our programmed mind rather than conscious mind.
Ever heard of biases. Confirmation bias,out come bias and 100s of other psychological principles.Even if we are aware of our weaknesses we behave accordingly!
Meta cognition (watching your thoughts and analyzing your self as if you were a foreign mind) is a primary skill required for survival.
Take away from this is that you must not trust your snap judgements.
These often are reactions and not a response.Hence it is advised always to give a second thought to your first thought.
Our first reaction is our primal reaction of amygdala, which is not always trustworthy. Always look at things in the grand scheme of things.Look at the bigger picture and then follow your gut.
Mind is erratic. It behaves in a manner now and in different manner in next jiffy. But on average our mind is quite accurate. We must try to base our decisions on averages and not absolutes.
For example you want to buy iPhone 8, you have money in your bank account and you already own iPhone 6 (Assume). A quick snap judgement is what marketers exploit. They want you to do an impulse purchase and hence as you enter any showroom you are flooded with cash back, discounts and bundle offers. The aim is to exploit your amygdala which works on principle of quick gains.
This is the prime reason that cash backs are timed for two days only or one day only.
Mind changes our thinking cycle every 72 hours. If you allow your self to think for 72 hours your mind can conclusively decide to buy real stuff and not the marketed stuff.
Thus for any big purchase or decision it is wise to wait for at least 72 hours. You shall never regret. If after three days, your thoughts are same, go ahead.