economize
ih-KON-uh-myz
/ɪˈkɒnəmaɪz/
To spend less; to reduce one's expenses or use resources more efficiently.
Implies a conscious effort to save money or resources, often in response to limited funds or a desire for efficiency. It's an action, whereas 'frugal' is a characteristic.
The story behind the word. The word 'economize' comes from the Greek 'oikonomia,' meaning 'household management.' This ancient Greek term combined 'oikos' (house) and 'nomos' (managing or law). So, to economize is literally to manage your 'house' or resources wisely, just as ancient Greeks managed their households to make ends meet. It's a concept as old as civilization itself!
Word relationships
- scrimp: To be extremely sparing or economical, often implying a struggle or hardship.
- retrench: To reduce costs or spending in response to economic difficulty, often used in a business or governmental context.
- cut back: To reduce the amount or quantity of something, often informally.
- squander: To waste (money or opportunities) in a reckless and foolish manner.
- extravagant: Lacking restraint in spending money or using resources.
- splurge: To spend a lot of money on something self-indulgent.
Commonly confused with
- frugal: 'Economize' is the action of reducing expenses. 'Frugal' is an adjective describing a person or lifestyle characterized by careful spending.
Word family
- economy (noun): The careful management of available resources; a country's system of wealth and resources.
- economic (adjective): Relating to economics or economy; efficient in terms of cost or effort.
- economical (adjective): Giving good value or return in relation to the money, time, or effort spent.
Collocations
- economize on fuel
- economize on expenses
- economize on heating
- economize resources
Example sentences
- "After losing his job, John had to economize by cutting back on non-essential purchases." Household budget adjustments.
- "The company decided to economize on office supplies and travel expenses to improve its bottom line." Business strategy during a downturn.
- "To economize on fuel, drivers are advised to maintain a steady speed and avoid rapid acceleration." A general principle of resource management.
Memory hook
To ECONOMIZE, think of the ECONOMY of your home. HOME economy
When not to use
If the action is about protecting something from harm or destruction (e.g., natural resources), 'conserve' might be a more precise term than 'economize'.
Fun facts
- The word 'economics' shares the same Greek root, highlighting its origin in household management.
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