(idiomatic) to take money from someone.

(simile) Completely empty.

(idiomatic) To produce something refined, admirable, or valuable from something which is unrefined, unpleasant, or of little or no value.

present participle of cut one's cloth to suit one's purse

Third-person singular simple present indicative form of cut one's cloth to suit one's purse

To settle for less when money (or resources) is tight.

It is not possible to produce something refined, admirable, or valuable from something which is unrefined, unpleasant, or of little or no value.