“It is in times of security that the spirit should be preparing itself for difficult times; while fortune is bestowing favors on it, then is the time for it to be strengthened against her rebuffs.” – Seneca.
To tighten one’s belt means to cut spending in anticipation of tough times. All spending is driven by desire. If we can control our desires we can control our spending. Staying in a one room apartment compared to a three bedroom apartment is OK if we can adjust our expectations of what we truly need in life. Human beings need only a few things to survive. Some clean air, water, basic food, sleep and shelter. These basic needs don’t cost a lot of money in the modern world.
Now is the time to take a keen look at all the material wealth that seems to be weighing us down and to let go of some burdens. Why continue to struggle with a car loan for an expensive car you are no-longer driving in lock down? Maybe you should sell it off and pay off the loan. Maybe we should not be buying expensive stuff we don’t really need online while we are confined indoors?
Faced with an uncertain future it makes sense to preserve as much cash as possible. In response to possible job and income losses we may need to drastically cut our expenditures to survive.