Austerity is called tapa in sanskrit, or fire. If you perform austerity you acquire some energy. Tapasya is the way to get energy by legal means.
If you try to satisfy the mind by satisfying senses, you will get exactly the opposite result, you become more and more dissatisfied, because senses are insatiable. But if you just say: “I am satisfied”, it will have an effect on your mind, because you can program your mind. Whatever you have you should say: “That’s good. I don’t need more”, and if something bad happens to you also say: “That’s ok”. That will make your mind strong, whereas if you are always dissatisfied your energy will be wasted in a very useless way.
There are another ways to make the mind peaceful: to do good to people, not to compete with them. Matsarya, or competitive spirit is completely opposite to somyatvam or desire to do something good. Atma vinigraha or self-control, it’s important to control yourself. Bhava samsuddhih means to purify existence. It is so easy to make our mind contaminated, but it is difficult to purify it. The best way to purify existence is to serve others, and you get a pleasant state of mind as a result.