Meaning of the word economize in English

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

economize

US /iˈkɑː.nə.maɪz/
UK /iˈkɑː.nə.maɪz/
"economize" picture

Verb

1.

spend less; reduce one's expenses

Example:
We need to economize on electricity to save money.
The company decided to economize by reducing staff travel.
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