Usually means: Saving small, wasting on large.
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We found 4 dictionaries that define the word penny-wise and pound-foolish:

General (3 matching dictionaries)
  1. penny-wise and pound-foolish: Merriam-Webster
  2. penny-wise and pound-foolish, penny-wise and pound-foolish: Collins English Dictionary
  3. penny-wise and pound-foolish: Wiktionary

Miscellaneous (1 matching dictionary)
  1. penny-wise and pound-foolish: Idioms

Definitions from Wiktionary (Penny-wise and pound-foolish)

adjective:  Alternative form of penny wise and pound foolish [(idiomatic) Prudent and thrifty with small amounts of money, but wasteful with large amounts.]

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