Verified answer

The word is actually "retrench" which means to "tighten one's belt; use resources carefully" or "make a reduction."

For the Eliots, this meant to stop renovating their home, stop buying themselves expensive items, stop going to London every year which is something Sir Walter and Miss (Elizabeth) Eliot did (and it was an expensive trip), stop going on other (unnecessary) journeys, let some of the servants go, stop buying new horses, stop spending and spending. For the Eliots to truly retrench, they would also have had to stop being fitted for and buying the newest fashions and stop setting an extravagant table (in other words, economize where food is concerned - forgoing some of the very expensive delicacies).

They would have to stop living such a luxurious life, buying anything and everything they wanted. As it was, they were buying luxuries they didn't need but not paying for them (so they were in debt) because they were living beyond their means.

I hope this helps.