Is it okay/safe to tolerate an outdoor faucet drip throughout the winter?

We were told our entire outdoor faucet requests replacement (seat is worn). The faucet drips one drop every 16 seconds. How severe is this contained by the cold winter months in Chicago?

Answers: cheaper to hold it fixed than pay for the hose it's wasteing.

chicago-turn off the supply from inside or pipes will burst
this winter