Definition
Parsimony is extreme unwillingness to spend money or use resources. It's not just being frugal; it's about being excessively thrifty, sometimes to the point of being stingy. Think of it as the opposite of being generous or extravagant. It's like hoarding your allowance even when your friends are struggling. Parsimony can stem from a fear of running out of money. Unlike smart saving, parsimony often leads to unnecessary deprivation.