Monastic poverty is the voluntary renunciation of personal possessions and material ambition so that dependence upon God and service to the community may become complete.
The vow of poverty frees the monk from ownership as a source of identity or security. Goods are received with thanksgiving, used responsibly, and held for the needs of the community rather than personal accumulation.
This poverty is not contempt for creation. It is a disciplined simplicity that exposes greed, cultivates contentment, and directs the heart toward the treasure of the Kingdom.
Official source: The Three Vows of Monasticism: Poverty.