They say 'penny wise is pound foolish' - what are some frequent examples of this

Jump to Last Post 1-6 of 6 discussions (7 posts)
  1. Hugh Morrison profile image72
    Hugh Morrisonposted 4 years ago

    They say 'penny wise is pound foolish' - what are some frequent examples of this?

  2. Stephanie Henkel profile image95
    Stephanie Henkelposted 4 years ago

    I think that a frequent and rather upsetting example of this is when contracts are issued to the lowest bidder on a building or road project only to find out that they could bid low because the materials they use are poor qulality. One recent example near my hometown was a road project that was awarded to the lowest bidder. Less than a year after the road was completed, it gave way to huge pot holes and, in places, disintegrated altogether. The construction company had to redo several miles of a dual lane road.  I can't imagine that the company made any money, and they certainly hurt their reputation.

    On a more personal level, I think we've all been enticed to buy goods that are of lower quality because they are cheaper only to find out that they don't work as promised.  An example of my own: I needed a new potato peeler and didn't want to buy the more expensive model for $6, so I picked up a similar one for $2. It doesn't work properly, and I'll be purchasing the better model anyway!

  3. drpennypincher profile image93
    drpennypincherposted 4 years ago

    I think some examples of this are in the form of missed opportunities:

    Penny wise: not spending money on a suit to go on job interviews- save $300

    Pound foolish: Not landing a higher paying job- miss out on thousands of dollars of additional income

    Other common examples are saving money in the short term by not doing routine maintenance on your car or home, only to pay more in the long run due to to value depreciation and more expensive repairs.

  4. cat on a soapbox profile image97
    cat on a soapboxposted 4 years ago

    If a person had to choose between buying things, he would look at both quality and price. One should always choose the best that he can reasonably afford when it comes to important purchases. If he bought something cheap to cut corners, he would have to replace it sooner and incur a greater price in the end.

  5. Millionaire Tips profile image91
    Millionaire Tipsposted 4 years ago

    Don't waste your money by spending all your energy on saving all the pennies while the hidden costs in big dollars slip away.  Avoid the financial mistakes in these  real life examples. read more

  6. ChristinS profile image93
    ChristinSposted 4 years ago

    I see this a lot with food choices and health matters. People buy cheap, processed foods claiming that healthier, whole foods are too expensive. It's understandable, but later on they have health problems due to a poor diet, diabetes or obesity for example, and those conditions ultimately are much more expensive to deal with financially - not to mention quality of life issues.

    1. cat on a soapbox profile image97
      cat on a soapboxposted 4 years agoin reply to this

      great point!

 
working

This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

Show Details
Necessary
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
Features
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Marketing
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Statistics
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)