to get by on a shoestring - idiom meaning?

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What is the meaning of "to get by on a shoestring" idiom?

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Idiom Scenario 1:

Ned and Grace are reminiscing about the early days of their marriage ...
Grace:  "Do you remember when we were first married?"
Ned:      "I sure do!  I was just starting my career so we had very little money."
Grace:  "Yes, we had to get by on a shoestring."

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Idiom Definition:

"to get by on a shoestring"
to spend very little money to live one's life
austere, austerity, care, careful, frugal, frugality, husbandry, miser, miserly, miserliness, parsimony, reduction, restraint, scrimp, skimp, thrift
This hitchhiker is traveling on a shoestring. - - - - ->  a man wearing a beret and sunglasses dressed in a French style is standing on the side of a road with his painting equipment.  He has his right tumb raised like a hitchhiker.

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Idiom Scenario 2:

Victor and Bruce are talking about continuing to repair and restore the race car they are working on together ...
Victor:  "We still have so many repairs to make on the car."
Bruce:   "Do you have any money?"
Victor:  "I only have $100."
Bruce:   "Well, then we will have to get by on a shoestring."
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Idiom Usage:

There are many uses for this idiom.  For example, we can specifically state an activity:
It is possible to:
operate a business
eat at a restaurant
and many other activities
on a shoestring.
When we use this idiom in the form, "get by on a shoestring", it refers to living one's life, with all its activities, using very little money.
"On a shoestring budget" means the planned expenditure of money for a certain activity is very small.
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Gerund Form of the Idiom:

Getting by on a shoestring could mean eating a lot of rice.
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Idiom Conjugations:

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