Asceticism
Asceticms denotes a life which is characterised by refraining from worldly pleasures (austerity). Those who practice ascetic lifestyles often perceive their practices as virtuous and pursue them to achieve greater spirituality.
In a more cynical context, ascetic may connote some form of self-mortification, ritual punishment of the body or harsh renunciation of pleasure. However the word certainly does not necessarily imply a negative connotation.
Etymology
The adjective "ascetic" derives from the ancient Greek term askesis (practice, training or exercise). Originally associated with any form of disciplined practice, the term ascetic has come to mean anyone who practices a renunciation of worldly pursuits to achieve higher intellectual, emotional, or spiritual goals.
Many warriors and athletes, in Greek society, applied the discipline of askesis to attain optimal bodily fitness and grace. The manner of life, the doctrine, or principles of someone who engages in askesis is referred to as asceticism.
Occurences
Observatation of 'ascetic lifestyles have appeared in both religious and secular settings. For example, ancient Hebrew sects fasted in order to become Holy, early Greeks undertook a regimen of severe physical discipline to prepare for battle, and Stoic philosophers disciplined their will against a life of sensual pleasure to achieve spiritual goals. Christian monks eschewed the comforts of the world for the solitude of the desert. Following the Reformation, the straight-spined Puritans endured the hardwood pews of freezing New England meeting halls. The Victorians encapsulated the ascetic temperament with their admonition, "You have to take your medicine like a man."
Monks, yogis, hermits and — in some religions — priests also lead ascetic lives. Lao Zi, Gautama Buddha, Mahavir Swami, Saint Anthony, and Saint Francis can all be considered ascetics. These people left their families, possessions, and homes to live a mendicant life, and in the eyes of their followers demonstrated great spiritual attainment, enlightenment, or God realization.
Hinduism
Indian holy men, or Sadhus, are known for the extreme forms self-mortification they occasionally practice. These include extreme acts of devotion to a deity or principle, such as vowing never to use one leg or the other, or to hold an arm in the air for a period of months or years. The particular types of asceticism involved vary from sect to sect, and from holy man to holy man.
Buddhism
The historical Buddha adopted an extreme ascetic life after leaving his father's palace, where he once lived in extreme luxury. At the moment of his enlightenment, the Buddha realized that neither luxury, nor asceticism, will lead to lasting happiness. Instead, he taught that a middle way that balances enjoyment with restraint is the most effective path to happiness and freedom. 
The degree of moderation suggested by this middle path varies depending on the interpretation of Buddhism at hand. Some traditions emphasize ascetic life more than others.
The ascetic bhikku lifestyle comes straight from the Vinaya Pitaka of the Pali Canon Tripitaka scriptures, the monastic body of rules taught by Gautama Buddha, reflecting the way of life as lived by the Buddha and his disciples. The practitioner may adopt these rules for only a short period of time (a few months or years) or may follow them for an entire lifetime.
The Buddhist order is known as the Sangha, the community of monastics. In the Theravada school, prevalent in Myanmar, Sri Lanka, and Thailand, monks eat one vegetarian meal a day and fast until sunrise. Between midday and the next meal the following day, a strict life of celibacy, scripture study, chanting, meditation and occasional cleaning form most of the duties. These practices must be conducted in a state of mindfulness and concentration, here and now, to benefit from the experience. Called the Patimokkha, 227 monastic rules govern a monk or Bhikkhu in Pali, and 311 for the Bhikkhuni nun.
In the Mahayana traditions of northern Buddhism, the rules have been lessened somewhat, and the monastics emphasize meditation more than doctrine, valuing the cultivation of liberating insight and wisdom (prajna).
Sufism
Sufism evolved not as a mystical but as an ascetic movement, as even the name suggests; Sufi refers to a rough woollen robe of the ascetic. A natural bridge from asceticism to mysticism has often been crossed by Muslim ascetics. Through meditation on the Koran and praying to God, the muslim ascetic believes that he draws near to God, and by leading an ascetic life paves the way for absorption in God, the Sufi way to salvation. (See Alfred Braunthal. Salvation and the Perfect Society. University of Massachusetts Press, 1979.)
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