economize
/ɪˈkɒn.ə.maɪz/
VERB
1. To use money carefully and avoid unnecessary spending
To manage money prudently by reducing expenses, limiting spending, and avoiding unnecessary purchases.
1.1. Practicing frugality in spending
Using money carefully and spending only what is necessary, with the aim of avoiding extravagance and maintaining financial stability.
Synonyms
- be frugal
- be thrifty
- be prudent
- scrimp
- pinch pennies
- stretch a dollar
- live within one's means
Antonyms
- splurge
- spend lavishly
- misspend
- squander
- dissipate
Examples
- The family decided to economize by reducing unnecessary household expenses.
- Students often economize by preparing meals at home instead of eating out.
- She learned to economize and save a portion of her monthly income.
Related Words
- save
- budget
- conserve
- retrench
- cut back
- financial prudence
- thrift
1.2. Reducing expenses and expenditure
Cutting down on spending or operating costs by eliminating unnecessary expenses, reducing consumption, or adopting less expensive alternatives.
Synonyms
- cut back
- cut down
- retrench
- reduce spending
- trim expenses
- tighten one's belt
Antonyms
- increase spending
- splurge
- lavish
- squander
Examples
- The company must economize by reducing administrative expenses.
- The government introduced measures to economize on public expenditure.
- During difficult economic conditions, many households economize on entertainment and travel.
Related Words
- downsize
- scale back
- curtail
- minimize
- budget
- cost reduction
VERB
2. To use resources sparingly and avoid waste
To make careful and efficient use of available resources, materials, energy, or supplies by limiting unnecessary consumption.
2.1. Conserving resources
Using materials, energy, supplies, or other resources in moderation to prevent waste and preserve them for future use.
Synonyms
- conserve
- preserve
- husband
- spare
- use sparingly
- be sparing
Antonyms
Examples
- The factory introduced new procedures to economize on water and electricity.
- We must economize on natural resources to reduce environmental damage.
- The engineers designed a system that helps economize on fuel consumption.
Related Words
2.2. Using supplies or materials efficiently
Making limited supplies last longer by controlling their use, avoiding unnecessary consumption, and distributing them carefully.
Synonyms
Antonyms
- waste
- squander
- overuse
- consume excessively
Examples
- The expedition had to economize on food supplies during the journey.
- The workshop learned to economize on raw materials without compromising essential production needs.
- The organization economized on its limited resources to support more projects.
Related Words
- allocate
- distribute
- preserve
- reserve
- stockpile
- stewardship