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From: Webster's Revised Unabridged Dictionary (1913)

 E·con·o·mize v. t. [imp. & p. p. Economized p. pr. & vb. n. Economizing.]  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.