pay through the nose (pay a lot)
"Parents in Britain pay through the nose for childcare."

shell out (pay)
"New parents can expect to shell out as much as £8,184 in the first year of their baby's life."

credit crunch
"The credit crunch threatens to slow the economy more rapidly than the Bank had expected."

make sacrifices
"Parents have to make sacrifices in the early years.

go without
"We will have to go without luxuries this year."

rein in spending (limit spending)
"The government will rein in public spending."

tighten your belt (limit spending)
"We should prepare ourselves for a year of belt tightening."

to act as a cushion (reduce negative effects)
"Most households have significant equity in their properties, which would act as a cushion against falling house prices."

to stave off recession (fight off recession)
"The Prime Minister hopes to repeat his success in staving off recession when he was Chancellor."