Other forms: cuts to the bone; cutting to the bone
If something is cut to the bone, it's reduced to the bare minimum. If your internet time is cut to the bone, you'll be allowed to use it for schoolwork, but not for social media or streaming. And no cute cat videos!
But more often, things that get cut to the bone involve money. During hard times, a family’s budget might be cut to the bone, so they can’t afford extras like vacations or treats. If funds for education are low, schools have to cut their programs to the bone, so there are no class trips or extracurricular activities. And if you lost your part-time job, you’d have to cut your own spending to the bone. What extras would you have to give up?