Niggardliness means piling up money and not using it to help others. Niggardliness is a big sin. It is forbidden in Islam.
A believer can never be miser. The Prophet (S.A.W) said:
“There are two characteristics which are never combined in a (true) believer: miserliness and a bad disposition.” (Jami` at-Tirmidhi)
We should never forget that even if we have millions and millions of dollars, we will end up in a small grave after death and we cannot take that money with us when we die.
Niggardliness destroys faith. Allah and his Apostle have forbidden us from niggardliness. Allah says in the Quran:
“But he who is a greedy miser and thinks himself self-sufficient and behaves carelessly. And disbelieves the Best. We will indeed make the Path smooth for his Misery; His wealth will not profit him when he falls headlong (into the grave).” [92:8-11]
Niggardly people do not even spend their money on their necessities. Allah promises hell to them. Everyone hates a miser person. He is not respected in the community.
Allah says in the Quran:
“Those who are misers and enjoin upon people miserliness (Allah is not in need of their charity). And whosoever turns away, then Allah is Rich (Free of all wants), Worthy of all praise.” [57:24]
“Those who are miserly and enjoin miserliness on other men and hide what Allah has bestowed upon them of His Bounties; and We have prepared for the disbelievers a disgraceful torment.” [4:37]