The only verbs I can come up with that answer your question in a technical sense aren't necessarily idiomatic or a perfect fit.
"Optimise your time" means "Make the most of your time"
"Utilise your time" means "Make your time useful"
"Profit by your time" means "Use your time gainfully"
"Occupy your time" means "Keep busy with your time"
I could go on. I could I suppose justify the above examples by citing dictionary definitions but I'll let you do that for yourself.
More prosaically and more idiomatically I support @Weather Vane's comment. "Do something useful".
The "with your time" part is unnecessary because all activities take time.
"Stop wasting your time and do something useful!"
"Stop wasting your time and do something productive!"
The problem is there are many ways to say what you want and I'm reluctant to give a list.