Of late I've developed an obsession with my freezer. Saving lots of money at the grocery store doesn't make sense if the food goes to waste. And when you find amazing deals at the grocery store it's hard to say no.
I remembered reading a blog where the author mentioned in passing that they freeze cheese. Intrigued, and needing to try it for myself, I threw an 8 oz bag of shredded cheddar in the freezer. A week later I pulled it out. The cheese worked wonderfully in my most popular applications- quesadillas, on beans, with eggs.
At the moment there are 4 bags of super sale ($1.50) cheese hanging out in the freezer. That's what works for me (and the grocery budget)!