English firm wasted monies: time to do this! (9)

I believe the answer is:

economise

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'time to do this' is the definition.
The definition suggests a singular noun but the answer is not.

'english firm wasted monies' is the wordplay.
'english' becomes 'E' (abbreviation).
'firm' becomes 'co' (a firm is a company).
'wasted' indicates anagramming the letters.
'monies' with letters rearranged gives 'nomise'.
'e'+'co'+'nomise'='ECONOMISE'

Can you help me to learn more?

(Other definitions for economise that I've seen before include "Keep down costs" , "make cuts" , "Make savings" , "Scrimp" , "save?" .)

I've seen this clue in The Sun.

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