What does “Penny wise, pound foolish” mean?
"Penny wise, pound foolish" means being careful with small expenses but wasteful with larger ones.
What context can I use the in?
Example
He always buys the cheapest products, but ends up spending more in the long run. He's penny wise, pound foolish.
Example
She refuses to hire a professional to fix her car, but then spends a fortune on repairs. She's definitely penny wise, pound foolish.
Example
They try to save money by not investing in proper equipment, but end up losing more due to frequent breakdowns. It's a classic case of being penny wise, pound foolish
Is “Penny wise, pound foolish” an expression, an idiom, or a proverb?
“Penny wise, pound foolish” is a proverb. A proverb is a short saying that teaches us something important or gives us advice. Unlike an idiom, it’s easy to understand even if it uses figurative language.
How would I use “Penny wise, pound foolish” effectively in context?
You can use "Penny wise, pound foolish" to describe someone who is careful with small expenses but wasteful with larger ones. It emphasizes the idea that focusing too much on saving money in the short term can lead to greater financial losses in the long run. For example, if a friend always buys the cheapest products but ends up spending more on repairs or replacements, you might say, 'He's penny wise, pound foolish.'
- 1Personal Finance
She refuses to hire a professional to fix her car, but then spends a fortune on repairs. She's definitely penny wise, pound foolish.
- 2Business
They try to save money by not investing in proper equipment, but end up losing more due to frequent breakdowns. It's a classic case of being penny wise, pound foolish.
- 3Home Improvement
He always buys the cheapest products, but ends up spending more in the long run. He's penny wise, pound foolish.
Similar phrases to “Penny wise, pound foolish”:
Good things to know:
Where does the phrase “Penny wise, pound foolish” come from?
The origin of the phrase "Penny wise, pound foolish" is unknown.
Is “Penny wise, pound foolish” common in everyday conversation?
Yes, "Penny wise, pound foolish" is a well-known expression in everyday conversation. It is commonly used to criticize someone's financial decision-making and highlight the potential consequences of prioritizing short-term savings over long-term financial stability.
What tone does “Penny wise, pound foolish” have?
"Penny wise, pound foolish" conveys a tone of criticism or caution. It is often used to warn against the negative outcomes of being overly focused on saving money in the short term without considering the potential long-term costs.
Can “Penny wise, pound foolish” be used in informal and formal settings?
Yes, "Penny wise, pound foolish" can be used in both informal and formal settings. It is a versatile expression that can be used in conversations with friends, family, colleagues, as well as in professional or business contexts.
Can it be used by itself, or is it usually part of a sentence?
It is commonly used as part of a sentence to convey its full meaning. For example, 'He's penny wise, pound foolish when it comes to his investments.' However, in informal conversations, people might understand the phrase even if used alone, like saying 'Don't be penny wise, pound foolish!' to advise against making shortsighted financial decisions.
Synonyms & Antonyms
Synonyms
- wasteful
- shortsighted
- frugal in the wrong places
- misguided savings
Antonyms
- financially savvy
- smart spender
- investing wisely
- long-term thinking
