belt-tightening

[belt-tahyt-n-ing]
noun
a curtailment in spending; period of economizing: The mayor ordered a belt-tightening for all city offices.

Origin:
1935–40

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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Example sentences
Space-industry belt-tightening and ever shrinking technology are combining to
  give tiny satellites a big future, scientists say.
Most have already begun contingency plans, sparking fears on campuses of
  extreme belt-tightening.
Frugality is the new chic, and belt-tightening is all the rage.
The precise impact of next year's belt-tightening is tricky to gauge.
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