austerity
nounUK /ɔːˈsterəti/
US /ɔːˈsterəti/
A time when people must spend and use very little money.
During the war, the country lived in austerity and everyone shared what little they had.
OTHER MEANINGS
2. A plain, simple way of living with no extras or luxury.
The monks chose a life of austerity, owning almost nothing.
3. A strict, serious manner with no warmth or humor.
The headmaster spoke with an austerity that made the students sit up straight.
4. A government policy of cutting public spending to reduce debt.
The new austerity measures meant fewer services and higher taxes.