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What does penny-wise mean?

Looking for the meaning or definition of the word penny-wise? Here's what it means.

Adjective
  1. Thrifty in regards to small amounts of money.
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Examples
Mr. Speaker, my hon. colleague from Windsor West has brought up a very good point on how ridiculous the government can be when it is penny-wise and pound foolish.
This penny-wise, pound-foolish approach needs to be remedied before the council can take the moral high ground on rubbish fines.
A Local Board came into existence, and with much hesitation and penny-wise economy inaugurated drainage works.
Jackson's family friend said that all the kids were penny-wise and even frugal by their father's standards, the Daily Star reported.
This strategy may well prove to be penny-wise and dollar foolish when considering potential risks to profitability.
In this, perhaps, there was something of the penny-wise policy, which sprang from one great defect in her character.

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