Meaning of the word economise in English

What does economise mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

economise

US /ɪˈkɑːnəˌmaɪz/
UK /ɪˈkɒnəˌmaɪz/

Verb

spend less; reduce one's expenses

Example:
We need to economise on heating this winter.
To save money, I decided to economise by cooking at home more often.