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What does “economizar” mean in Spanish?

A commuter says taking the metro is una manera de economizar. Both economizar and ahorrar translate as “to save,” but they lean differently: ahorrar is setting money aside (ahorro para un coche, “I’m saving for a car”), while economizar is cutting back and spending less — economizing, trimming costs. You ahorras by squirrelling money away; you economizas by living cheaper.

Economizar can take an object you’re being sparing with — economizar agua, economizar esfuerzos (“save your effort”). It’s a touch more formal, common in news and finance, while ahorrar rules everyday speech. The related noun economías can mean cost-savings: hacer economías, to make cutbacks.