Summary:
"Penny wise, pound foolish" may be the expression, but many people are pound wise and penny foolish. They know how to save on big purchases but ignore the small amounts of money frittered away foolishly. This blog post explains how some habits can make you pound wise but penny foolish.

Details or Sample:
Coupon clippers and other frugal types are under constant scrutiny by those who are eager to call them “penny wise but pound foolish.” “You might be saving pennies there,” the naysayers say, “but you waste dollars on the big things.” While penny pinchers who overlook big savings are common enough to make “penny wise but pound foolish” a cliché, many other people are pound wise but penny foolish.

In fact, those who love to call others “penny wise but pound foolish” are often the ones who are the most penny foolish. The very act of scoffing at coupons and other means of saving small amounts of money demonstrates a lack of penny wisdom. No, a single dollar-off coupon won’t pay your mortgage, but consistently saving a quarter here and a dollar there might. For most people, the bulk of spending isn’t in a few big purchases but in regular small purchases – a tank of gas, a carton of eggs, a package of light bulbs. Likewise, most savings opportunities are for small amounts.

People who are pound wise but penny foolish shop around for the big items, carefully evaluating each home, vehicle, and appliance purchase, but they quickly spend their savings on less expensive things they don’t really need and never use. It doesn’t matter whether . . .

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Written by: Shannon Christman
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