HAVE you ever thought about how much food is going to waste in your household?

Not only is it contributing to landfill, but it's also a potential strain on your hip pocket and happiness.

Research from RaboDirect Food and Farming Report 2016 indicated Australians are collectively binning $10billion in food, or $1100 per household, each year; money that could be saved through planning and smarter spending.

Cost of living

Aussies claimed they spend more than $720billion on groceries annually, with families spending almost $30 a week just on groceries for each child.

Across the states, New South Wales spends most on groceries, at an average of $159 per week with Tasmanian residents spending the least at $136 per week.

Who are Australia's biggest wasters?

The Report finds Gen Y the most wasteful with more than one in four claiming to waste more than 20% of food each week.

New South Wales is home to most wasters, with 18% of respondents saying they waste more than 20% of their food each week.

Consumers living in capital cities are generally more wasteful than those in regional areas, and those who believe there will always be an abundance of natural resources are more likely to waste food.

Rabobank head of market research Glenn Wealands said, by releasing the RaboDirect Food and Farming Report, RaboDirect is encouraging Aussies to review their spending and food waste habits to make positive changes for the future.

"When we reduce the amount of food that's wasted, or reaches landfill, there are significant environmental, economic and social benefits that can be realised, that goes beyond the obvious benefit to the hip pocket,” Mr Wealands said.

"By making a few changes to your everyday life, such as using leftovers for lunches throughout the week and making sure you check the fridge before going shopping, Aussies can reduce food waste and save money.

"Picture what an extra $1100 in your bank account every year could do to help achieve your financial goals or investing in your passions.

"If you invest the additional $21 a week into a true high-interest saving account you'll be another step closer to achieving that goal.”

Food and financial happiness

The report also revealed a correlation between food waste, financial duress and happiness levels.

Those who waste more than half their food each week are more likely to indicate they 'always feel like they're in the red' or 'need to scrimp and save to make ends meet' compared to those who waste less.

While 72% of males and 83% of females surveyed feel unhappy when food is wasted, throwing out food continues to be an issue for all Australians.

"RaboDirect is committed to informing Australians about the important need to reduce food wastage,” Mr Wealands said.

"If every household reduced weekly waste by just one third, almost $4billion would be saved collectively per year benefiting your back pocket and contributing to an abundance of food and water for future generations.

"Australians who take responsibility for their finances through careful budgeting waste less and save more, and are happier.

"We are encouraging all Aussies to reduce food waste and boost savings for a brighter future.”

tips to prevent waste

1. Don't buy too much:

It sounds simple, but this is one of the most important things you can do. When you go shopping, make sure you don't buy too much food. This may mean going to the grocery store more often, and buying less food each time. If you live far away from the store , be thoughtful and careful about what you purchase.

2. Don't serve too much:

When cooking at home, avoid over-serving yourself and your family and friends.

Having smaller plates can help curb massive portions.

If you do have leftovers, save and actually eat them.

3. Pick the right storage:

Know where to store certain fruits and vegetables to prolong its shelf life.

Garlic, potatoes and sweet potatoes, pumpkin, onions and shallots should be stored outside the fridge, while avocados and tomatoes should also be stored at room temperature.

Most other vegetables should be stored in the fridge.

4. Keep clean and keep track

By ensuring your fridge and pantry are clear of clutter, you're more likely to see what food is available and safe to eat and use it up rather than letting it go to waste.

Be sure to keep track of what's in your freezer, too - though freezing something can extend a food's life, it will eventually dry out.

Keeping track of what you are throwing out in the form of a food log can also help break the habit of repetitively buying and throwing away certain products.