This is a similar proverb to Easy come, easy go. A wise man spends his money prudently; a foolish man spends his without thought and is soon penniless. He is ‘parted’ from his money.
While the collection box was being passed round at Sunday School,the teacher said encouragingly:
‘It is better to give than to take. How true these old proverbs still are, aren’t they, children?’
‘Yes, miss,’ agreed young Tommy Green with feeling as he put in his penny. ‘A fool and his money are soon parted.’