To reduce or limit one's spending in order to save money. I'd love to go out to dinner with you, but I'm really skimping and saving right now.I'm sorry, honey, but your father and I can't afford to buy you a new bike right now—you'll have to work more hours and skimp and save.
to use too little of something; to save something by using less of it than needed for something. Please don't skimp on the gravy. i like my potatoes swimming in it. They skimped on quality a little when they furnished the lobby.