This study was conducted with the mixed-method research design, aiming at examining virtues and related experience, together with exploring the virtue found at the lowest level. The subjects were 227 undergraduate nursing students, from 1st to 4th years of the academic year 2011, from Boromarajonani College of Nursing, Ratchaburi. The instruments used included the Virtue Scale measuring diligence, honesty, frugality, self-discipline, politeness, unity, cleanliness, generosity, and responsibility, and the interview checklist to further explore “frugality.” Quantitative methods used in analysis consisted of such descriptive statistics as percentage, means, and standard deviations in addition to qualitative content analysis. The study findings revealed that overall virtues were at the high level (= 3.93, S.D. = 0.64), with frugality as the lowest of all (= 3.59, S.D. = 0.51). Frugality as a virtue experienced by the nursing students was found to comprise 5 main themes: (1) definition of frugality; (2) frugal behavior, such as always thinking before spending, wise saving, and spending reasonably; (3) reminder of frugal behavior, such as signs, self-reminding principles, or like-minded friends; (4) challenging situations toward frugality, such as peer reactions toward ones’ frugal behavior, difficulty to deny, friend circles and campus lives; and (5) personal perception on success from frugality. These results show that frugality is a virtue worth developing. Academic institutions, therefore, should play an important role in encouraging and motivating frugal behavior and guard against any situations deterring frugal behavior on the campus.