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Meaning of 'A penny saved is a penny earned'

What does the saying 'A penny saved is a penny earned' mean?

Idiom: A penny saved is a penny earned

Meaning:

This means that we shouldn't spend or waste money, but try to save it.
Country: International English | Subject Area: Money | Usage Type: Both or All Words Used

Meaning:

Saving money is just as important as earning money- we shouldn't spend it foolishly.

Country: International English | Subject Area: Money | Usage Type: Both or All Words Used
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