Meaning of the word "a penny saved is a penny earned" in English

What does "a penny saved is a penny earned" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

a penny saved is a penny earned

US /ə ˈpɛn.i seɪvd ɪz ə ˈpɛn.i ɜːrnd/
UK /ə ˈpɛn.i seɪvd ɪz ə ˈpɛn.i ɜːnd/
"a penny saved is a penny earned" picture

Idiom

it is as useful to save money that you already have as it is to earn more

Example:
I'm putting this money in my savings account because a penny saved is a penny earned.
You should stop spending so much on coffee; remember, a penny saved is a penny earned.