Usually means: Spending less than budgeted amount.
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We found 5 dictionaries that define the word underspending:

General (5 matching dictionaries)
  1. underspending: Merriam-Webster
  2. underspending: Collins English Dictionary
  3. underspending: Wordnik
  4. underspending: Wiktionary
  5. underspending: TheFreeDictionary.com

(Note: See underspend as well.)

Definitions from Wiktionary (underspending)

noun:  The spending of too little money.

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