Merriam-Webster’s Word of the Day

penury

\PEN-yuh-ree\  noun

Meaning

    *1 : a cramping and oppressive lack of resources (as money); especially : severe poverty
     2 : extreme frugality

Example Sentence

     As a young man Uncle Leonard endured great penury, and though he later became a successful business owner, he never forgot the hardships of his youth.