Etymology
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economize (v.)

1640s, "to govern a household," from economy + -ize. Meaning "to spend less, be sparing in outlay" is from 1790. Related: Economized; economizing; economization; economizer.

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Definitions of economize

economize (v.)
use cautiously and frugally;
I try to economize my spare time
Synonyms: conserve / husband / economise
economize (v.)
spend sparingly, avoid the waste of;
The less fortunate will have to economize now
Synonyms: save / economise
From wordnet.princeton.edu