ELI5: Explain Like I'm 5

Austerity

Austerity is when people or a government save their money instead of spending it on things like new buildings, roads, or services. It means that people and governments make sure to have enough money saved up instead of spending all their money on new things. Sometimes, governments can go too far and save too much money, meaning people don’t have enough to buy things like food, clothes, and school supplies.