7 Extreme Ways to Save Money

Here’s another interesting post from our friends at Savvy Sugar. Check it out:

It really is quite hard to shave off hundreds or thousands of dollars off your expenditures unless you opt for what some people might call drastic measures.

Of course, you can always keep more cash in the bank by earning more money, which you achieve through methods like side jobs or negotiating a higher salary. Some people opt for certain choices that will save them a ton of money, which may seem controversial to others. Read on to find out what they are.

Not Having Kids

More and more women are opting not to have kids. In fact, a Pew Research Center study in 2010 found that 20% of older women don’t have kids, compared to 10% in the 1970s.

Although not having kids will save you thousands of dollars (the actual number is between $148,000 and $299,000 for the first 17 years of a child’s life, according to the US Department of Agriculture), most parents will say having children is an invaluable experience that you can’t put a price on.

Not Raising Pets

How much is that doggy in the window? Too much, apparently. The American Society for the Prevention of Cruelty to Animals estimates that cats cost $670 a year and large dogs will see you with $875 less a year.

To me that sounds like a conservative estimate, especially if your beloved animal ends up having medical problems. However, I’m sure many owners will say the high price tag is well worth the cost.

Renting Forever

There’s no place like home, but would a house feel like your own if you’re renting it? We asked readers if they would be comfortable with renting forever, and 56% said they eventually want to own their own homes.

With home ownership comes the added cost of things like maintenance, taxes and insurance, which renters don’t have to deal with. Many argue that buying a house is a good investment, because you’re building equity. That may work for people who intend to live in a place for a long time and who buy the property at a good price. However, for those people who have seen the price of their home plummet or who have faced foreclosure, renting forever would’ve saved them a lot of money.

Not Attending College

There are some advocates who say college is a waste of time and money. Take, for example, billionaire Peter Thiel, an investor in Facebook and Paypal. Thiel is offering smart college kids under 20 the opportunity to drop out of school and join his two-year entrepreneurship program.

Is higher education really worth the high price tag? Some will argue that having more education increases your earning potential, which will make you richer in the long run.

Dumpster Diving

Not only are so-called freegans saving the earth by recycling unwanted items in dumpsters, but they are also saving money. This is a controversial lifestyle, because many people are of the opinion that it isn’t very hygienic or safe. The legalities are also in a bit of a gray area as well, because the act of rummaging through other people’s trash can be viewed by the police as trespassing.