Benjamin Franklin famously advised that "a penny saved is a penny earned", meaning that reducing expenses has the same effect as increasing earnings. It's often easier to save a penny than to earn one, so the aphorism is a useful reminder to us all to be careful with our spending.

Fortunately for Ben Franklin, however, he didn't have to pay income taxes! With today's marginal rates, every penny you save can be equivalent to a penny-and-a-half in earnings! All the more reason to practice frugality.

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