por Thomas » 20 Out 2010, 18:44
I have heard "nip and tuck" (see below), but not "nipping and tucking" in the context of the song. Perhaps it is a regionalism, and perhaps it is something invented by the composer. Today "nipping and tucking" is often used in reference to plastic surgery. It can also mean "to get rid of anything that exists in excess". The composer seems to be saying what Donay has understood: living frugally, eliminating unnecessary expenses.
Merriam-Webster
Main Entry: nip and tuck Pronunciation Guide
Pronunciation: |nipschwan.|tschwak
Function: adjective (or adverb)
: so close that the lead or advantage shifts rapidly from one contestant to another : neck and neck <the race was nip and tuck for a time -- Our Dumb Animals> <until about the 25th lap, it was a nip and tuck go -- Illustrated Speedway News>
Thomas/USA