Definition
To be overly concerned with saving small amounts of money while being careless with larger sums.
He tried to save a few dollars on shipping, but ended up spending more money on a product of inferior quality; it was truly penny-wise and pound-foolish.
They turned off the air conditioning to save on electricity bills, but it caused a drop in employee productivity; that's definitely being penny-wise and pound-foolish.
To save a few dollars on photocopying, she spent much more time handwriting her reports; it was really penny-wise and pound-foolish.