Smart cape squeezing yours truly, being tight (10)

I believe the answer is:

stinginess

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'smart cape squeezing yours truly being tight' is the definition.
I can't judge whether this defines the answer.

'smart cape squeezing yours truly' is the wordplay.
I cannot really understand how this works, but
'smart' could be 'sting' (both can mean to burn or hurt) and 'sting' is located in the answer.
'cape' could be 'ness' (synonyms) and 'ness' is found in the answer.
'yours truly' could be 'i' (the person who set this crossword) and 'i' is found in the answer.
No letters remain.
This explanation may well be incorrect...

Can you help me to learn more?

(Other definitions for stinginess that I've seen before include "Parsimony" , "Lack of generosity" .)

I've seen this clue in The Telegraph.

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