take one’s belt in a notch

take one’s belt in (a notch)

and pull one’s belt in (a notch)
tv. to prepare for lean times; to reduce expenditures. (see also tighten one’s belt.) It was clear that we would have to bite the bullet and take our belt in a notch. I gotta pull in my belt or get a second job.
See also: belt, notch, take