If your family is in the habit of throwing away food that could still be eaten, experts have warned that you could be wasting up to £50 a month.
Research by the Waste and Resources Action Programme (WRAP) shows that we throw out the equivalent of one in every five shopping bags by binning food that is in fact still perfectly edible.
Across the UK, we waste £12 billion by throwing out food every year, WRAP said. The most commonly wasted foods include vegetables, salad, fruit and drink.
For example, some 83,000 tonnes of bananas are needlessly thrown out by households every year, the group said.
And it's not just families that are counting the cost of food waste - local councils are also struggling to cope with disposing of it. Surrey County Council says it spends £7.6 million a year disposing of food which could still be eaten.
Ian Lake, the council's cabinet member for transport and environment, said: "It's shocking to learn one in every five bags of food shopping is wasted.
"I'm sure families would jump at the chance to have an extra £50 in their pockets during these difficult economic times.
"By making a few simple changes, you can save money and also benefit the environment."
Why not check out these handy tips on ways to make your food last longer?