Economical is a word that describes the ability to save money or to be efficient with resources. There are many words that can be used as synonyms for economical such as thrifty, frugal, cost-effective, penny-pinching, and budget-conscious. Thrifty means being careful and judicious with money. Frugal means being sparing, prudent, or economical in the use of resources. Cost-effective means efficient in terms of costs, expenses, or economic benefits. Penny-pinching means being stingy or miserly in spending money. Budget-conscious means being aware of spending constraints and taking steps to live within one's means. All of these words describe someone who is economically savvy, practical, and smart with their finances.