Meaning of the word "make a hole in" in English

What does "make a hole in" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

make a hole in

US /meɪk ə hoʊl ɪn/
UK /meɪk ə həʊl ɪn/

Idiom

to use a large amount of something, especially money

Example:
Buying that new car will make a hole in my savings.
The expensive vacation really made a hole in their budget.