What is the origin of the idiom "cut one's coat according to one's cloth" and when to use it?

The idiom "cut one's coat according to one's cloth" has its origins in the world of tailoring and sewing. In the past, tailors would cut and make a coat based on the amount of cloth (fabric) available. This phrase is used to advise or remind someone to live within their means and make choices that align with their available resources or financial situation.