By using the mental model of Anchoring, you can avoid losing money, win negotiations, and approach purchase decisions from a different perspective.
The concept of Anchoring can help you make smarter purchasing decisions and save money. Anchoring is when your first impression of something has a big impact on you. You get anchored to the first piece of information that is shared with you. And the businesses can then exploit this to their benefit.
The concept of anchoring can be used in various other types of negotiations as well, including salary negotiations before accepting a job offer.