Meaning of the word "tighten your belt" in English

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

tighten your belt

US /ˈtaɪ.tən jʊər bɛlt/
UK /ˈtaɪ.tən jɔː bɛlt/
"tighten your belt" picture

Idiom

to spend less money than you did before because you have less money

Example:
Due to the economic downturn, many families have to tighten their belts.
If we want to afford that vacation, we'll have to tighten our belts for a few months.