Meaning of the word "tighten ones belt" in English

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

tighten ones belt

US /ˈtaɪtən wʌnz bɛlt/
UK /ˈtaɪtən wʌnz bɛlt/

Idiom

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

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