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/ɪˈkɒnəmaɪz/
Meaning & Definition
verb
To make efficient use of resources; to reduce expenditure or waste.
In order to save money for vacation, we need to economize on our grocery budget.
To use resources sparingly or frugally.
The company decided to economize by reducing its energy consumption in the office.
To manage carefully or sparingly, particularly with regard to time or money.
He learned to economize his time by prioritizing important tasks.
To avoid waste and to try to save.
During the recession, many families found ways to economize by cutting unnecessary expenses.
Etymology
From Greek oikonomikos, from oikonomia, meaning household management.
Common Phrases and Expressions
economize on
to reduce expenses in a specific area.
economize time
to use time more efficiently.
Related Words
economy
the system of production and distribution and consumption.
economical
giving good value or service in relation to the amount of money, time, or effort spent.
Slang Meanings
tighten the belt
With rising costs, we're going to have to tighten the belt this year.
pinch pennies
They are always pinching pennies to save for their vacation.