Other forms: tightwads
A tightwad is someone who avoids spending money, like a relative who wraps a piece of junk from the basement in used wrapping paper and gives it to you, even though he or she could afford to buy you a nice birthday present.
The “tight” part of this word refers to “close-fisted.” It’ll help you remember the meaning of tightwad if you picture a person with his fist tightly closed around a wad of money, not giving it up for anyone or anything. A tightwad takes being merely frugal or careful with money to a whole new level. It's not that tightwads are poor; they simply hate to part with their money, even if it's just a single dollar.