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Can you explain this saying please

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bekib86 | 18:22 Thu 05th Jun 2008 | Phrases & Sayings
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'Waste not want not'

I say it myself but dont really understand it or where it comes from, thanks
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It means ...

If you don't waste things, you are less likely to end up lacking.
I've always taken it to mean don't waste what is not wanted but looking on the net no-one else seems to agree wi me.
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If you waste nothing, you will want for nothing.
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Can you explain this saying please

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