‘Look after the pennies and the pounds will look after themselves’

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  • triplea35
    triplea35 Posts: 339 Forumite
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    Yes always lived by it, meaning that if someone takes care not to waste small amounts of money, they will accumulate capital. The pounds still need attention!
  • Mee
    Mee Posts: 1,441 Forumite
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    edited 14 September 2018 at 11:42AM
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    I agree.
    I save all my loose change. Last time I put over £135 through HSBC's free coin counting machine.
    But save in other ways such as buying food reductions (lots of perfectly good fruit and veg. for 10p.); using free hot drink offers or taking or making my own hot drink; recycle tap water (cutting my water usage from 38m3 to 24m3 over the year); fixing my own washing machine (with the help of youtube); naturally dry my hair and laundry etc.
    PS
    pennies are never a 'minor irrelevance' for me but I suppose it depends on your base income.
    Free thinker.:cool:
  • Linton
    Linton Posts: 17,172 Forumite
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    I disagree completely. If you properly monitor and manage the overall strategy the pennies are a minor irrelevence.
  • talexuser
    talexuser Posts: 3,499 Forumite
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    The sentiment might be worthwhile, but the language needs updating. Pennies (and twopees) are worthless now (I call them shrapnel) can't remember the last time I had any at home - paying everything with card now - they go straight into the nearest charity box. Nowadays it's look after the pounds and you'll be better off - just not as snappy as a phrase.
  • Alexland
    Alexland Posts: 9,653 Forumite
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    If the Treasury estimate 60% of copper coins are used in a single transaction before being stashed in a jar or being thrown away how come the ones I end up getting are usually pretty old and worn?

    https://www.theguardian.com/business/2018/aug/22/bank-report-reopens-debate-on-scrapping-1p-and-2p-coins

    Alex
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Sweetcake wrote: »
    Do you agree with the phrase ‘Look after the pennies and the pounds will look after themselves’?

    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.
  • rosieraspberry
    rosieraspberry Posts: 49 Forumite
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    I agree and although I have enjoyed my money a bit more carelessly in the past I now live by this as I'm saving more than half of my wage each month to save up for a bigger house!
    I make pennies here and there online through swagbucks, receipt apps and QMee etc. and when the cash comes through I put it straight into my savings account.
    I sell things I no longer want on ebay even with as little profit as 50p after all fees if I would have otherwise thrown them out (and also I prefer to recycle).
    I know which supermarkets sell certain items the cheapest and stock up when I'm there.
    I rarely buy food or drink on the go and I don't have a mobile phone contract.
    I used to have a penny jar but hate it lying around and now I rarely use cash at all, only when there's a collection at work and I withdraw £10, put say £2 into the collection and then next time I'm at a self-service till I pay with every last penny in my purse to get rid of it and if the balance is more then I pay the rest with my card.
    When making larger purchases, for example a new fridge, I will find the one I want and shop around for where I can get it cheapest. If I'm spending a good few hundred pounds it's not like I can watch the 'pennies' as such, but there are still little things you can do like use cashback sites etc. and I don't think it's worth buying the cheapest fridge available anywhere if it is not what you want.
  • Apodemus
    Apodemus Posts: 3,384 Forumite
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    Yes, still has meaning for me. Looking after the finances is all about the detail.

    In regard to the comments above about small purchases adding up over time, I also like the MoneyMustache approach of valuing that regular coffee purchase (or whatever) by multiplying its cost by 25 to give an estimate of the capital sum you would need to make that purchase once a year.
  • PuzzledDave
    PuzzledDave Posts: 185 Forumite
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    Reminds me of British Cycling success at the Olympics. We didn't do so well due to one change, it was the aggregation of marginal gains.
  • A_T
    A_T Posts: 959 Forumite
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    PuzzledDave wrote: »
    Reminds me of British Cycling success at the Olympics. We didn't do so well due to one change, it was the aggregation of marginal gains.

    that or doping
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