Definition

1. Verb (Intransitive):

   • To spend money or use resources carefully and sparingly, avoiding waste.
   • To reduce one's expenses or consumption.

2. Verb (Transitive):

   • To use something (such as time, money, or energy) in a careful, frugal, and efficient way.

Usage

• Intransitive Verb: Used when the subject is reducing general spending or consumption.
  • We need to economize if we want to afford a vacation next year.
• Transitive Verb: Used when the subject is carefully managing a specific resource.
  • She learned to economize her energy throughout the long workday.

Examples

• Intransitive Usage:
  • During the recession, many families had to economize on groceries.
  • The company is economizing by reducing non-essential travel.
• Transitive Usage:
  • A good chef knows how to economize ingredients to minimize waste.
  • He economizes his time by planning his schedule meticulously.

Advanced Usage

• "to economize on something": To reduce spending or use of a particular thing.
  • They are trying to economize on heating costs this winter.
• Used in formal or business contexts to describe prudent financial management.
  • The report advised the government to economize and reduce the budget deficit.

Variants and Related Words

• Economizer (noun): A person who economizes, or a device that saves resources (e.g., energy).
• Economical (adjective): Giving good value or service in relation to the resources used; not wasteful.
  • This car is very economical on fuel.
• Economy (noun): The careful management of available resources; or a system of production and consumption.
  • She practices economy in all her household purchases.

Synonyms

• Save: To keep money or resources for future use.
• Conserve: To protect something, especially an environmental resource, from harm or overuse.
• Scrimp: To be very frugal or sparing, often to the point of hardship.
• Cut costs: To reduce expenses.

Related Phrasal Verbs / Collocations

• Economize on: (As shown in Advanced Usage) To reduce consumption of a specific item.
  • We must economize on paper to help the environment.
• Economize by [doing something]: To save money or resources through a specific action.
  • They economized by cooking at home instead of eating out.

Related Idioms

• Pinch pennies: To be extremely careful with money, to economize very strictly.
  • After losing his job, he had to pinch pennies to get by.
• Cut corners: To reduce costs or effort, sometimes at the expense of quality (can have a negative connotation).
  • You shouldn't cut corners on safety equipment to economize.

Verb

1. spend sparingly, avoid the waste of
   • This move will save money
   • The less fortunate will have to economize now
2. use cautiously and frugally
   • I try to economize my spare time
   • conserve your energy for the ascent to the summit