Austerity (noun)

1. The quality or state of being severe or stern in manner or appearance.
2. A policy or condition characterized by strict economy and limited expenditure, especially as a measure to reduce public debt.
3. A lack of comfort or luxury.

Origin:

Late 16th century (in the sense "severity, sternness"): from latin austeritas, from austerus "severe".

Examples:

1. The government implemented a program of austerity to reduce the national debt.
2. The austerity measures resulted in the reduction of public spending.
3. The school had an atmosphere of austerity, with its strict rules and strict teacher.
4. The austerity of the prison regime was designed to reform the prisoners.
5. The family was living in austerity, but they were content with what they had.