Frugality is the quality of being frugal, sparing, thrifty, prudent, or economical in the consumption of resources such as food, time or money, and avoiding waste, lavishness or extravagance.[2]
In behavioral science, frugality has been defined as the tendency to acquire goods and services in a restrained manner, and resourceful use of already-owned economic goods and services, to achieve a longer term goal.[3]