To keep some distance in a relationship so as not to get sick of each other.
Girl 1-How are things going with the new man?
Girl 2-Great, we can't keep our hands off each other!
Girl 1-just remember to keep a spare..
Has to do with bowling. When bowling and you miss every pin on the first try and on your second bowl of the frame you hit every pin and get a spare, thus getting a gypsy spare. Named after gypsy waterford the most famous gypsy of them all.
Ahhh must be nice gypsy, you got a gypsy spare i remember when I did that.