‘Look after the pennies and the pounds will look after themselves’
Comments
-
Thrugelmir wrote: »Not a phrase it's a proverb. The majority of which still hold pearls of wisdom within.
My personal favourite is an old Chinese one.
A man who wishes to move a mountain starts by moving the smallest stones first.
Though, I suspect that is counter to the advice of getting through a job or life to do list.Free thinker.:cool:0 -
I disagree completely. If you properly monitor and manage the overall strategy the pennies are a minor irrelevence.
Once you ensure the thousands are being looked after, move on to the pounds, then the pennies. I know which I'd rather sacrifice.
Classic example would be someone who puts all their spending on a 0% interest, cashback credit card to earn 0.5% cashback (pennies), but doesn't notice their most recent transaction exceeded their credit limit and has to pay a £15 overlimit fee (pounds).0 -
Quite so, this is the polar opposite of big picture thinking.
Once you ensure the thousands are being looked after, move on to the pounds, then the pennies. I know which I'd rather sacrifice.
Classic example would be someone who puts all their spending on a 0% interest, cashback credit card to earn 0.5% cashback (pennies), but doesn't notice their most recent transaction exceeded their credit limit and has to pay a £15 overlimit fee (pounds).
Or someone using a 0.5%-cashback credit card, and who ends up buying stuff he doesn't really need because of the distraction and feeling good about the rebate.
Not that I would ever do anything like that, ahemThus the old Gentleman ended his Harangue. The People heard it, and approved the Doctrine, and immediately practised the Contrary, just as if it had been a common Sermon; for the Vendue opened ...THE WAY TO WEALTH, Benjamin Franklin, 1758 AD0 -
We put all our "pennies" into a charity box, and some silver as well.
Foolish- for the charities and your taxes. fAr better to pay into charities and let them boost the money by using Tax relief.
the OPs statemtn still holds today.
Do you buy staples when they run out at full price? Or buy them in advance on special offer- half price or less? Do you buy expensive poncy coffees or bring your own made at home? Same for lunch?
More the fool you.
A whole raft of such wise spending can pay for any amount or luxuries or boosted savings for early retirement/FI0 -
"Carefully consider the aggregated effect of smaller amounts of expenditure and the macro elements of your overall financial position will become less challenging to manage".
Doesn't quite have the same ring, though, does it?#145 Save £12k in 2016 Challenge: £12,062.62/£12,000.00 Beginning Balance: £5,027.78 CHALLENGE MET
#060 Save £12k in 2017 Challenge: £11,03.70/£12,000.00 Beginning Balance: £12,976.79 Shortfall: £996.30:eek:
This is the secret message.0 -
I guess the proverb really means pay attention to the details so that the bigger picture turns out right. Not only that but every pound is made up of pennies, so looking after them. effectively looks after the pounds.
Not sure the proverb was meant to be dissected like this anyway.
I do look after my pennies. On the rare occasion when I actually use cash, anything copper that comes my way in change goes into the charity box on the counter - 5p pieces too. So I am looking after those pennies in a different way and they soon mount up into pounds for some cause that probably needs them more than I do.
I'm also hoping for a bit of karma too, so it is an investment.:)
OP are you sure you don't write for a journal of some sort? Moneywise ran an article with almost the exact same wording as one of your threads.0 -
Terry_Towelling wrote: »
OP are you sure you don't write for a journal of some sort? Moneywise ran an article with almost the exact same wording as one of your threads.
Yep, I'm very sure, I don't work in any journalistic capacity, and I don't even read Moneywise I do read personal finance stuff though so I can't say that I've never come across their website.0 -
This discussion has been closed.
Categories
- All Categories
- 342.5K Banking & Borrowing
- 249.9K Reduce Debt & Boost Income
- 449.4K Spending & Discounts
- 234.6K Work, Benefits & Business
- 607.1K Mortgages, Homes & Bills
- 172.8K Life & Family
- 247.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.8K Discuss & Feedback
- 15.1K Coronavirus Support Boards