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Meaning of 'Penny wise, pound foolish'

What does the saying 'Penny wise, pound foolish' mean?

Idiom: Penny wise, pound foolish

Meaning:

Someone who is penny wise, pound foolish can be very careful or mean with small amounts of money, yet wasteful and extravagant with large sums.
Country: International English | Subject Area: Money | Usage Type: Both or All Words Used
All idioms have been editorially reviewed. Submitted idioms may have been edited for correctness and completeness.
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