1. be frugal or very selective with spending money
pinch pennies to save money
If you 'pinch pennies' or are 'penny-pinching' you are watching money carefully and spending as little as possible. You might use this in a social context - "We are pinching the pennies at the moment due to having high medical bills." or in a professional context. "We need to pinch pennies if we are going to survive this economic climate."