Feel the pinch
Definition 1 of 2
Pro Tip 1/3Economic Strain
Used when someone's financial situation becomes difficult, often due to external economic factors. 
After the tax increase, many shoppers began to feel the pinch.
Pro Tip 2/3Budget Limitations
Refers to the need to cut back expenses or adjust one's budget to make ends meet. 
I've had to cancel my gym membership to feel less of the pinch.
Pro Tip 3/3Sudden Changes
It often implies a recent or sudden change that leads to financial challenge. 
After the flood, many farmers are really feeling the pinch.