Meaning of the word belt-tightening in English

What does belt-tightening mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

belt-tightening

US /ˈbeltˌtaɪt.nɪŋ/
UK /ˈbeltˌtaɪt.nɪŋ/
"belt-tightening" picture

Noun

1.

the practice of spending less money because there is less money available

Example:
The company announced a period of belt-tightening due to the economic downturn.
Families are facing severe belt-tightening measures.
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