Source : Webster's Revised Unabridged Dictionary (1913)

Economize \E*con"o*mize\, v. t. [imp. & p. p. {Economized}; p.
   pr. & vb. n. {Economizing}.] [Cf. F. ['e]conomiser.]
   To manage with economy; to use with prudence; to expend with
   frugality; as, to economize one's income. [Written also
   {economise}.]

         Expenses in the city were to be economized. --Jowett
                                                  (Thucyd. ).

         Calculating how to economize time.       --W. Irving.