Paragraph, Essay and Speech on “A Penny Saved is a Penny Earned – Essay” Paragraph for Class 9, Class 10, Class 12 Class and Graduate Exams.

A Penny Saved is a Penny Earned – Essay


The quote ‘a penny saved is a penny earned” was quoted by Benjamin Franklin.

Its Meaning: It is generally said that ‘a penny saved is penny earned” or ‘money saved is money earned”. It means that money that is saved is equivalent to the money that is earned. Money is not spent remains in our pocket.

Money resources of even the richest man on earth are not inexhaustible. Extravagance brings even millionaires into want. So the habit of saving should be practiced by all.

Everybody can make small savings from his income. The man, who spends all that he earns, is poorer than the man who earns less, but saves something out of his small income. We must live within our means. The spirit of vanity often leads us to show ourselves off as richer than what we actually are.

Extravagance leads to ruin: Luxury leads us to squander money for nothing. We should be careful that we are not vain or imprudently benevolent. Sometimes, we buy a thing because it is cheap, even though we do not need it. The cheapest thing then becomes the costliest.

However, we should not be at the same time ‘penny-wise and pound-foolish”. We must not hesitate to spend money, when it is really necessary.

Miserliness: We must also guard against the habit of miserliness. Money is for use and not for hoarding. Our normal needs should be first met, and then we should save as much as we prudently can.

Habit of saving: We must cultivate the habit of saving from an early age. Once we grow extravagant, we shall find it very difficult to save money for future use, when we are old. Young men are naturally spendthrifts. They have seen little of the world and have not learnt from bitter experience that ‘willful waste brings woeful want’.

Provision for old age: In our youth we ought to provide for old age, lying by something from our income, however small it may be.


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