What does "frugal" most nearly mean?

The term "frugal" refers to the practice of being careful with resources, particularly money, to avoid waste. It emphasizes the idea of being economical and using resources wisely to ensure they last longer. People who are frugal typically seek to minimize expenses and find the best value for their purchases, rather than wasting money on unnecessary things. This aligns perfectly with the meaning conveyed by the word "economical," which also suggests a focus on thriftiness and resourcefulness.

The other options represent concepts that contrast with the notion of frugality. Generosity and extravagance imply spending freely and abundantly, which is inconsistent with the careful and restrained approach associated with frugality. Austere, while it can relate to a simple lifestyle, does not directly convey the idea of being economical. Therefore, "economical" is the most accurate synonym for "frugal."