The Collaborative International Dictionary of English v.0.48:

Spare \Spare\, v. t. [imp. & p. p. Spared; p. pr. & vb. n.
   Sparing.] [AS. sparian, fr. spaer spare, sparing, saving;
   akin to D. & G. sparen, OHG. spar?n, Icel. & Sw. spara, Dan.
   spare See Spare, a.]
   1. To use frugally or stintingly, as that which is scarce or
      valuable; to retain or keep unused; to save. "No cost
      would he spare." --Chaucer.
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            [Thou] thy Father's dreadful thunder didst not
            spare.                                --Milton.
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            He that hath knowledge, spareth his words. --Prov.
                                                  xvii. 27.
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   2. To keep to one's self; to forbear to impart or give.
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            Be pleased your plitics to spare.     --Dryden.
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            Spare my sight the pain
            Of seeing what a world of tears it costs you.
                                                  --Dryden.
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   3. To preserve from danger or punishment; to forbear to
      punish, injure, or harm; to show mercy to.
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            Spare us, good Lord.                  --Book of
                                                  Common Prayer.
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            Dim sadness did not spare
            That time celestial visages.          --Milton.
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            Man alone can whom he conquers spare. --Waller.
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   4. To save or gain, as by frugality; to reserve, as from some
      occupation, use, or duty.
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            All the time he could spare from the necessary cares
            of his weighty charge, he ?estowed on . . . serving
            of God.                               --Knolles.
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   5. To deprive one's self of, as by being frugal; to do
      without; to dispense with; to give up; to part with.
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            Where angry Jove did never spare
            One breath of kind and temperate air. --Roscommon.
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            I could have better spared a better man. --Shak.
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   To spare one's self.
      (a) To act with reserve. [Obs.]
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                Her thought that a lady should her spare.
                                                  --Chaucer.
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      (b) To save one's self labor, punishment, or blame.
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The Collaborative International Dictionary of English v.0.48:

Sparing \Spar"ing\, a.
   Spare; saving; frugal; merciful. --Bacon.
   [1913 Webster] -- Spar"ing*ly, adv. -- Spar"ing*ness, n.
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WordNet (r) 3.0 (2006):

sparing
    adj 1: avoiding waste; "an economical meal"; "an economical
           shopper"; "a frugal farmer"; "a frugal lunch"; "a sparing
           father and a spending son"; "sparing in their use of heat
           and light"; "stinting in bestowing gifts"; "thrifty
           because they remember the great Depression"; "`scotch' is
           used only informally" [syn: economical, frugal,
           scotch, sparing, stinting]