or is it the other way around?

It's basic meanings describes someone who is really frugal about the smaller things but is wasteful or extravagant on the larger things.

Are you penny-wise and pound-foolish or pound-wise and penny-foolish, or both or neither?
Or do you any examples of people who are either?

I think I tend to be pound wise. I save for the future. I research our investments. I save for the kids college eduction. But perhaps I'm a little penny-foolish. I don't use coupons very much. I can't seem to get my grocery bill very low. I buy too many books (that I could take out of the library). I haven't been to a thrift store in over 10 years. I've never been to a yard sale. But we got a really good deal on our car and on our house.

But I have a friend who is the most frugal person I know. She even recycles her dish water to feed to her plants (so her water bill is low). They ask to kids to use the upstairs bathroom so they don't flush all day to save water. She keeps her kids toasts crusts that they don't eat and she makes bread crumbs out of them. She buys mostly expired food, cuts off the damaged parts and hopes for the best. But then she admitted to they haven't even started a retirement fund. They spend all the money they save all year going on big vacations.

What are you thoughts on this expression? Which one best describes you or the people you know?

__________________

I would say I am penny wise. Just for the simple fact of when we try to save money something usually happens and then it's gone ! We only have a few accounts where there is money we don't touch- the girls savings (for college or whatever when they get older) and my mutual account ( a present from my aunt and uncle on my 21st birthday). I should be more focused on mine and DH future.

Editted to add: usually the money we do save goes towards a large expenses (ie: we usually have a large expense to repair or replace something- knock on wood!)- although we have started to go on family vacations- but I am thrifty so our vacations are usually on the low end.