In the hectic day-to-day rush, it's easy to forget what food you have on hand or let food get shoved to the back of the refrigerator only to have to throw it away later. To save money on meal planning and grocery shopping, give yourself time to inventory the food you have left.

Doing so can help you plan meals that are less expensive than those requiring you to buy a whole new set of ingredients. It also can ensure that you don't buy more food than you need. This way, you won't throw money away on food that expires before you have a chance to eat it. The potential for savings is huge. A 2004 University of Arizona study found American families waste an average of 14 percent of the food they buy, adding up to an estimated cost of $590 per year.