6 Extreme ways to be Frugal and Save!

How far would you go to save a buck in today's tumultuous economy? People are finding more ways than ever before to scrimp and save. But some take it to extremes. Read on as expert penny pinchers detail six bold ways to cut costs -- and in some cases, generate a little revenue -- during tough economic times. Are you extreme enough to give them a try?

Get Rid of Your Car

Trading in your beloved wheels for public transportation is definitely extreme -- especially if you live in the suburbs. However, doing so saves a bundle.

"If you can walk, bike, or take public transit where you need to go, get rid of your car entirely," says Francine Jay, author of "Frugillionaire: 500 Fabulous Ways to Live Richly and Save a Fortune."

Take In a Renter or Boarder

Sharing your living space may seem unappealing at first, but it's a great source of extra income."I always encourage people to at least consider getting a home that could allow them to get some rental income, such as a duplex," Yeager says.Again, Yeager speaks from experience. He and his wife have had renters for the past 20 years. By doing so, they were able to pay off their house in 15 years instead of 30.

Downsize Your Home

If you feel as though your home is too big, it probably is. Selling it and buying a smaller one may help beef up your bank account.

"The best way to save big money is to cut big expenses -- and housing is the biggest of them all," Jay says. Jay says trading down to a smaller house or apartment also lowers the mortgage or rent, as well as the utility bills.

Change How You Use Credit Card

Taking a pair of sharp scissors to credit cards can help plug a big hole in your wallet or purse. Jay advocates paying with cash only.

"This strategy saves you a bundle in finance charges and puts the brakes on your shopping habit; because without credit, you can't spend more than the money you have,"  Jay says paying with plastic "is far too painless," making it easier to spend.

Only Use Coupons or Go Generic

Some extreme savers take coupon clipping to a new level, purchasing items only when they have coupons and stockpiling goods for future use.

Jay says the secret to saving on groceries and other items is to "ditch the brand loyalty, and be open to alternative products or generics."

"Be adventurous and try out that bargain-priced shampoo, cereal or detergent," says Jay. "If you're shopping online, search Google for coupons before making your purchase; you'll be surprised how often you'll find vouchers for free shipping and other discounts."

Dump High-Tech Toys

Many extreme savers embrace the simple life, which means either forgoing the latest toys and services or waiting until they're no longer "hot ticket" items. In addition to saving cash, Jay says "you may find happiness in being less connected to the virtual world and more engaged in the real one." Erin Schneider, who writes the Cheap Chick blog, also recommends cutting out unnecessary services -- "cut down on cell minutes, cancel your home phone, cancel your gym membership" -- and opting for the least expensive options that present themselves.