austerity

Austerity refers to being strict, serious, and inflexible or to being very moral and refraining from carnal pleasures. (noun)

A very strict teacher would be an example of a person with austerity.
The puritan way of life with few luxuries and a strong moral code is an example of a life of austerity.

See austerity in Webster's New World College Dictionary

See austerity in American Heritage Dictionary 4

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