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.

Economize \E*con"o*mize\, v. i.
   To be prudently sparing in expenditure; to be frugal and
   saving; as, to economize in order to grow rich. [Written also
   {economise}.] --Milton.

Source : WordNet®

economize
     v 1: use cautiously and frugally; "I try to economize my spare
          time"; "conserve your energy for the ascent to the
          summit" [syn: {conserve}, {husband}, {economise}] [ant:
          {waste}]
     2: spend sparingly, avoid the waste of; "This move will save
        money"; "The less fortunate will have to economize now"
        [syn: {save}, {economise}]