Work cut short, time to be frugal? Wealthy! (7)
I believe the answer is:
opulent
'wealthy' is the definition.
(opulent means extravagantly wealthy)
'work cut short time to be frugal?' is the wordplay.
'work' becomes 'opus' (an opus is an artistic work).
'cut short' means to remove the last letter.
'time to be frugal?' becomes 'Lent' (period of fasting or self-denial before Easter).
'opus' with its final letter removed is 'opu'.
'opu'+'lent'='OPULENT'
(Other definitions for opulent that I've seen before include "Wealthy or luxuriant" , "'Deluxe, luxurious (7)'" , "'Rich, sumptuous (7)'" , "Ostentatiously rich" , "Moneyed" .)