Definition of economize verb from the Oxford Advanced American Dictionary

 

economize

 verb
verb
NAmE//ɪˈkɑnəˌmaɪz//
 
[intransitive]economize (on something)Verb Forms present simple I / you / we / they economize
 
he / she / it economizes
 
past simple economized
 
-ing form economizing
 
 
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to use less money, time, etc. than you normally use Old people often try to economize on heating, thus endangering their health. Thesaurussavebudget economize tighten your beltThese words all mean to spend less money.save to keep money instead of spending it, often in order to buy a particular thing:I'm saving for a new car.budget to be careful about the amount of money you spend; to plan to spend an amount of money for a particular purpose:I've budgeted $1,000 to furnish my new apartment.economize to use less money, time, etc. than you normally usetighten your belt (somewhat informal) to spend less money because there is less available:My parents really had to tighten their belts after my mother retired.Patterns to save up/budget for something to have to save/budget/economize/tighten our belts to try to/manage to/be able to save/budget/economize
See the Oxford Advanced Learner's Dictionary entry: economize