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What is a belt-tightening?

What is a belt-tightening? Here are some definitions.

Noun
  1. (informal) A reduction in expenditure as a result of financial restrictions
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Examples
On Sunday the Portuguese government approved belt-tightening measures that would bring the deficit to 2.9 percent.
The Student Union faces years of belt-tightening and substandard service provision in light of the annual budget published this week.
Recruitment of new personnel has stopped and belt-tightening measures have been put in place, he added.
The DA objected to adjustments resulting from cost-saving implemented by the provincial Treasury as part of its belt-tightening measures.
The legislature froze 75 percent of the GIO's annual budget this year, forcing the office to adopt belt-tightening measures.
By late May, it was unclear how the belt-tightening would affect settlements.

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