This blog post presents a great way to do this by using SPD, which I quite often tend to not have installed. Instead I rely on PowerShell, now if this feature is missing there is a property (SaveSiteAsTemplateEnabled) that is set on the Web.
Simply run this script
Add-PSSnapin Microsoft.SharePoint.PowerShell $site = Get-SPSite -Identity "http://sharepointsite.com/sites/collection" $web = $site.RootWeb; $web.SaveSiteAsTemplateEnabled = $true; $web.Update();
And voila, the save site option is once again available