Skimp is likely a variation of scrimp, which means "to make too small" and comes from the Swedish word skrumpna, meaning "to shrink, shrivel up."  

The earliest known use of the word "skimp" in English as an adjective is in 1775, and as a verb in 1879, 

Examples of skimp used in a sentence; 
"You don't have to skimp on the cream, there's plenty more where that came from." 
"There's plenty of sugar, so you don't skimp on it." 
"And they didn't skimp on the cheese either; there was enough for every chip." 
"If we skimp on the satellite and spyplane fleet, we'll regret it." 
"Many old people skimp on food and heat in order to meet their bills. 
"When choosing a hotel, do not skimp."