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//setup before functions
var typingTimer;                //timer identifier
var doneTypingInterval = 5000;  //time in ms (5 seconds)

//on keyup, start the countdown
$('#myInput').keyup(function(){
    clearTimeout(typingTimer);
    if ($('#myInput').val()) {
        typingTimer = setTimeout(doneTyping, doneTypingInterval);
    }
});

//user is "finished typing," do something
function doneTyping () {
    //do something
}