einschränken
to restrict
To reduce or limit something in its scope, quantity, or possibilities.
Wegen der Baustelle müssen wir die Geschwindigkeit auf 30 km/h einschränken.
Because of the construction site, we have to restrict the speed to 30 km/h.

to restrict / limit
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to restrict
To reduce or limit something in its scope, quantity, or possibilities.
Wegen der Baustelle müssen wir die Geschwindigkeit auf 30 km/h einschränken.
Because of the construction site, we have to restrict the speed to 30 km/h.

'Einschränken' (to restrict/limit) is a separable verb. In a main clause, the prefix 'ein-' comes at the end. In subordinate clauses and in the infinitive with 'zu', the verb stays together, with 'zu' placed between the prefix and the stem.
Der Arzt schränkt den Zuckerkonsum des Patienten ein.
The doctor restricts the patient’s sugar consumption.
The verb is made up of 'ein-' and 'schränken'. It is related to the word 'die Schranke' (a barrier). The idea is to put something 'in Schranken' (within bounds), that is, to set limits or limit something.
Wir müssen unsere Ausgaben diesen Monat stark einschränken.
We have to restrict our spending significantly this month.
When a person reduces their own spending or needs, the verb is used reflexively: 'sich einschränken' (to cut back/restrict oneself). The reason is often financial or related to a diet.
Als Student musste ich mich finanziell sehr einschränken.
As a student, I had to cut back a lot financially.
'Einschränken' (to restrict/limit) is often used with abstract nouns in the accusative to express a reduction. Typical objects are 'den Konsum' (consumption), 'die Auswahl' (the selection), 'die Produktion' (production), 'die Rechte' (rights), or 'die Freiheit' (freedom).
Die Firma musste die Produktion aufgrund von Lieferproblemen einschränken.
The company had to restrict production because of supply problems.
to save
'sparen' and 'einschränken' both have to do with using less or spending less. 'sparen' usually sounds goal-oriented: you spend less money or use less energy, water, or time so that something is left over. 'sich einschränken' puts more emphasis on giving up wishes or habits. This can be unpleasant, for example when you are allowed to buy less or eat less. The words are especially easy to confuse when talking about money. You save for a goal; you restrict yourself when you limit your lifestyle.

Nach dem Jobwechsel muss sich Paul beim Einkaufen deutlich einschränken.
After changing jobs, Paul has to cut back significantly when shopping.
Sie spart jeden Monat etwas Geld für eine Reise.
She saves some money every month for a trip.