Folk speech

A Penny Saved is a Penny Earned

Informant: “One thing that I remember my grandfather [S] saying to me multiple times, it was ‘[Informant's name], a penny saved is a penny earned!’ And, so he grew up in the great depression, and that was some really tough times in America, and he saw all the hard things his parents had to do, and he as a kid had to do, and that caused people in his generation to feel like, if you find a way to save money, you know, not spend money you don’t need to spend, then that’s as good as earning extra money because that meant that you had that much money still available to you. I remember when I was little, we would go to California to visit him, and everyday they would be looking in the newspaper, cutting out coupons, looking for what the deal was, looking at the ads… basically figuring out everything for everything they were going to buy, where they were going to buy it from. If they were going to go out to dinner, they would make their dinner decision based off of who had a special, who had a coupon, who had a discount, those sorts of things, with the mindset of if they were going to spend money, but there’s a way to figure out how to spend less, then that’s just as good as making more money at your jobs. I find that I tend to think in the same way, where if I can figure out a way to spend less money, then it’s just like I just made more money from my job.”

Informant is a middle aged banker who frequently travels internationally on business, and is a father of three. He identifies as ‘American’, although his mother is of Czech heritage. He grew up in Oregon and Washington and currently lives in the Midwestern United States.

Collector Analysis: This particular proverb serves to provide financial advice, in this case the importance of spending money wisely. It is interesting how nowadays this particular proverb has almost a different meaning to it based on the fact that a penny today is considered to be nearly valueless, whereas in the time period where my informant first heard this proverb, pennies were not an insignificant amount of money. In this regard, the proverb may not have aged particularly well, but it is still a valuable piece of advice regardless.

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