Latin 'parsimonia' was simply their word for frugality or thrift (or parsimony). It is related to 'parcere', to spare , which meant 'to be sparing with things'' in Classical Latin. [I see from the dictionary that 'parsimonia' featured in a Latin proverb, sadly apt for our times. It means " It's too late to (start to) save when all is spent" and is " Sera parsimonia in fondo est" ]