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parsimony (n.)

early 15c., parcimony, "economy, thrift, frugality, sparingness in the use of expenditure of means," from Latin parsimonia "sparingness, frugality, thrift," from pars-, past-participle stem of parcere "to spare, save, refrain from, use moderately" (which is said to be unrelated to Latin parvus "small," parum "too little") + -monia, suffix signifying action, state, or condition. De Vaan suggests a PIE source-word meaning "to hold." Now commonly "excessive or unnecessary economy, stinginess," a narrowed sense attested by mid-16c.

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Definitions of parsimony from WordNet

parsimony (n.)
extreme care in spending money; reluctance to spend money unnecessarily;
Synonyms: parsimoniousness / thrift / penny-pinching
parsimony (n.)
extreme stinginess;
Synonyms: meanness / minginess / niggardliness / niggardness / parsimoniousness / tightness / tightfistedness / closeness
From wordnet.princeton.edu