Penny Wise, Pound Foolish

What does the idiom “Penny Wise, Pound Foolish” mean?


Trying to save money in such a way that more will be wasted later

For example:

“Yes, we could patch the road, but that’s penny wise, pound foolish—it’ll just have to be repaved completely next year anyway.”


Although the pound is a British unit of currency, this expression is understood and occasionally used in the USA.