It's understandable upon hearing the word "economy" we think financially or about money.  We learn from our experiences and money is always tight when first starting out.  Being "economical" however just means making the best use of whichever commodity of resource you are using whether it's money, time, material, or effort.  Being economical or "stingy" with your woodworking means you'll finish sooner, with less exhaustion, create less crap, have less material left over, and have a few bucks left in your pocket.

I recently built some overhead storage cabinets for my workshop.  A utility project - and rectangular by design - the challenge would not be in the construction or the machining.  Since I didn't have to think hard about the design features, it was a great opportunity though to ponder the impact of my design choices - like economy.

There were several goals for this project.  First, I needed two overhead cabinets, but I wanted to only purchase enough material for the project with minimal material left over.  In a one person shop, there's not enough room for storing large sheet goods.  I also wanted to finish the project as quickly as possible.  While having the storage would be useful, the project would take away time from paying customers.  Have a look at the following video to see if I was successful in meeting these goals - you'll also learn a few woodworking tips along the way.

Working on the weekends and off hours, I was able to complete the project in about a week. Spending less than $100 on materials, I now have about 32 square feet of storage to clear my shop floor. Now it’s your turn to go make something great - and economically - you know you can do it.