Penny Wise Pound Foolish

One of a mini scolding from Mrs Budget to Mr Budget recently knocked some senses into me. 

While preparing for our wedding, Mr Budget overspent on the booking of the bridal car. And it is by a large margin. This was done as Mr Budget did not do much research and just wanted to get the line item over and done with.

Another factor was also caused by the fact that not a lot of bridal car companies replied and that the cars he wanted to book was all unavailable on the day of the wedding.

Hence when one finally got back, he decided to confirm the booking without consulting Mrs Budget. 

After Mrs Budget asked, she was shocked to know the unreasonable price. She gave a mini scolding to Mr Budget as there are a lot of other options to look for bridal car booking. 

I think this serves as a very good lesson for Mr Budget – while we scrimp to save S$10 – S$20 on other stuffs such as price haggling with supplies to give discounts of S$5 on Carousell, I might fall into the trap of not looking at the bigger picture, such as splurging unnecessarily on the bridal car. 

Reminds me of the saying – penny wise, pound foolish. 

And I thought this serves as a very good reminder here. Some other potential case of being penny wise, pound foolish:

  • Trying to buy big lots of a particular share to save on the stock brokerage fee without doing in depth study of the stock, which may cause a capital lost.
  • Eating cheap and unhealthy food to save money but end up spending more when health takes a hit
  • Actively signing up for many cards to earn the welcome gift, but end up paying more when the annual fees are charged

Are there any other examples that you can think of?

Thank you Mrs Budget for knocking some sense into me.

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