Cut, pare, etc. something to the bone
Definition 1 of 3
Pro Tip 1/3Financial Trim
Often used in business or finance to describe deep cuts in spending or resources. 
To survive the recession, businesses often have to cut jobs to the bone.
Pro Tip 2/3Extreme Measures
Indicates taking drastic action to achieve a certain goal, usually cost-related. 
During the budget review, we’ll need to cut our expenses to the bone.
Pro Tip 3/3Not Literal
The phrase is metaphorical and doesn't involve actual cutting. It's about reduction. 
The charity had to pare their program offerings to the bone.