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Meaning of 'Cut your coat according to your cloth'

What does the saying 'Cut your coat according to your cloth' mean?

Idiom: Cut your coat according to your cloth

Meaning:

If you cut your coat according to your cloth, you only buy things that you have sufficient money to pay for.

Examples:

"After losing his job, John had to cut his coat according to his cloth and downsize his flat to manage his finances better."
"Realising her savings were limited, she cut her coat according to her cloth, choosing a modest holiday over a lavish getaway."
"With the budget cuts, the department had to cut its coat according to its cloth, prioritising essential projects over ambitious new initiatives."
Country: International English | Subject Area: Clothes | Usage Type: Both or All Words Used
All idioms have been editorially reviewed. Submitted idioms may have been edited for correctness and completeness.
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