Meaning & Definition of word "Economize"

Economize

/ɪˈkɒnəmaɪz/

1. To make efficient use of resources; to reduce expenditure or waste.
- Example: In order to save money for vacation, we need to economize on our grocery budget.
2. To use resources sparingly or frugally.
- Example: The company decided to economize by reducing its energy consumption in the office.
3. To manage carefully or sparingly, particularly with regard to time or money.
- Example: He learned to economize his time by prioritizing important tasks.
4. To avoid waste and to try to save.
- Example: During the recession, many families found ways to economize by cutting unnecessary expenses.

●From Greek oikonomikos, from oikonomia, meaning household management.

economize on:

to reduce expenses in a specific area.

economize time:

to use time more efficiently.

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.

Meaning: tighten the belt

● Example Sentence: With rising costs, we're going to have to tighten the belt this year.

Meaning: pinch pennies

● Example Sentence: They are always pinching pennies to save for their vacation.