Extreme couponing, stockpiling, dumpster diving: sound money-saving strategies or frugality gone too far? What we can learn from these unconventional ideas.

Let’s face it: we can’t control the market’s mood swings, solve international debt crises or control rising costs across the board. Instead, we fight back where we can: by controlling our spending habits and tweaking our budgets. Since the recession first hit, frugality has once again become trendy and people strive to find even more ways to save cash.

But are we taking some money-saving habits to extremes? While most people agree that theft and pirating are unethical, some strategies like extreme couponing, stockpiling and freeganism have been generating a lot of buzz. Some people say these practices go too far, while others say there’s no arguing with savings to the tune of hundreds or even thousands of dollars.

Are these extremes strategies impractical — or is there something we can learn from them? Here’s a quick look at the ideas generating the debate.

Extreme couponing

How it works: Coupon clipping is trendy again, but some people are willing to dedicate hours to searching, clipping, downloading, organizing and shopping all over town to use dozens of coupons. There are numerous articles, e-books and even a reality TV show, Extreme Couponing, dedicated to the topic. You may have seen some extreme examples — like people buying hundreds of dollars worth of groceries for less than $100, or buying years worth of toothpaste or deodorant because it was nearly free.

What’s the draw? There’s the thrill of getting a great deal, but coupons are a money saving strategy that most people can use. It doesn’t require a lot of sacrifice or skill — just some time and organization. Not everyone has the option to work overtime or start a side business, and even kids can get involved with this practice.

The challenge: In order to reap the major rewards, you’ll need to invest a lot of time and energy — and coupon clipping has become a part time job for die-hard clippers. However, some experts say that time could be put to better use — like generating more income through a part time job or side business. We could also focus our energy on “big gains’ instead, like monitoring our investments and saving on big expenses like insurance and housing.

You may have noticed that coupons aren’t always for products you use — especially healthy foods like fresh fruits and vegetables. Many people stockpile items they don’t need simply because they are cheap. Remember the mantra of bargain hunting: it’s only a deal if you need it and you’ll use it.

Worse yet: grocery store competition isn’t as fierce in Canada as it is in the U.S. — and coupon policies are different too. Unfortunately, many extreme couponing strategies don’t work for Canadians.