The Collaborative International Dictionary of English v.0.48:

Frugality \Fru*gal"i*ty\, n.; pl. Frugalities. [L. frugalitas:
   cf. F. frugalit['e].]
   1. The quality of being frugal; prudent economy; that careful
      management of anything valuable which expends nothing
      unnecessarily, and applies what is used to a profitable
      purpose; thrift; --- opposed to extravagance.
      [1913 Webster]

            Frugality is founded on the principle that all
            riches have
            limits.                               --Burke.
      [1913 Webster]

   2. A sparing use; sparingness; as, frugality of praise.

   Syn: Economy; parsimony. See Economy.
        [1913 Webster]

WordNet (r) 3.0 (2006):

frugality
    n 1: prudence in avoiding waste [syn: frugality, frugalness]