From Longman Business Dictionary
economizee·con·o·mize /ɪˈkɒnəmaɪz ɪˈkɑː-/ (also economise British EnglishBrE) verb [intransitiveI] to reduce the amount of time, money, goods etc that you useThe company will continue to economize by shedding a further 2,000 jobs this year.
economize onNew machines were brought in to economize on labor.