Debt Management: Are You Penny Wise and Pound Foolish?

Have you ever heard the expression penny wise and pound foolish? It means doing things that save money in the short run but end up costing you a lot more in the long run.

Sometimes it pays to do things right the first time around rather than paying a lot more later.

For instance:

Putting off doctor’s visits , and then ending up seriously ill, or putting off dentists visits and routine cleanings, and ending up needing much more extensive dental treatment like root canals or tooth extractions…is penny wise and pound foolish.

Skipping routine maintenance and oil changes on your car or truck and then needing to spend thousands of dollars in auto repairs as a result…is penny wise and pound foolish.

Not paying credit card bills and then being hit by big fees and a higher interest rate….is penny wise and pound foolish.

Fixing things around the house yourself when you don’t know how, and then having to pay a repairman to come and fix the damage you caused, and also fix the original problem, is penny wise and pound foolish.

You get the idea. Pinching pennies can be smart, but not when it leads to a much bigger bill down the road.