penny wise, pound foolish; buying cheap things is a waste of money
Proverb warning that cheap purchases often end up costing more in the long run because of poor quality or short lifespan.
To avoid being penny wise and pound foolish, it's better to buy something good even if it costs a bit more.
These shoes broke right away. I guess buying cheap was a waste of money.
A similar proverb meaning 'cheap things are bad'; focuses on poor quality, while 安物買いの銭失い emphasizes the financial loss from buying cheap.
A traditional Japanese proverb combining 安物買い (buying cheap things) and 銭失い (losing money). The exact origin is uncertain, but it has been used since at least the Edo period.