Monasticism is a way of living that's religious, isolated from other people, and self-disciplined. In many religions, monks and nuns practice monasticism.
Do you live as though you're a monk in a monastery? Then you can describe your lifestyle as monasticism. In fact, all three of these words share the same Greek root, monos, or "alone." Monasticism is usually religious, but it can be used to describe any mode of living that's either solitary or within a community that's isolated from the rest of the world. Your monasticism may lead you to buy a cabin in the woods, where you can be self-sufficient and spend a lot of time meditating.