I dont even compromise quality for the sake of a few pence, if it out of "use by" or "sell by" I bin it, sometimes I will let thing go over by a day, then its binned.
Saying that, generally we eat things before they go out of date, we dont waste much at all.
What about tins? Cleared out my brother's flat and he had lots of tinned potatoes, soup, custard etc all out of date by up to a few years - I have got them in my cupboard now but reluctant to open any - is there likely to be a problem?