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The Collaborative International Dictionary of English v.0.48:

Economize \E*con"o*mize\ ([-e]*k[o^]n"[-o]*m[imac]z), v. t. [imp. & p. p. Economized ([-e]*k[o^]n"[-o]*m[imac]zd); 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.] [1913 Webster] Expenses in the city were to be economized. --Jowett (Thucyd. ). [1913 Webster] Calculating how to economize time. --W. Irving. [1913 Webster]