Today the American Chemistry Council dropped another reminder of just how big a problem food waste is in America. The ACC reminds us that not only is food waste bad for the environment, it's also bad for American pocketbooks. According to their research, households in the United States throw away an average of $640 worth of food every year—food that, in all likelihood, remains perfectly good to eat. The culprits, once again, are misleading labels like “sell by” or “best by” that most people mistakenly take as signs that food needs to get tossed in the garbage can. Check out the video above for tips on making your food last and exactly how long you can eat groceries beyond what those labels might say. And then figure out what you’re going to do with the $640 you save next year. We’re thinking European vacation.