I was recently at Sam’s Club to grab some milk, because it is usually cheaper there than anywhere. However, even Sam’s Club bulk buying power has the price 15¢ higher than the occasional grocery store sale price. I was surprised, but not unprepared.
When the food prices are up and the economy isn't, it is time to start looking for ways to save money and freezing milk is one very handy way to handle that and save when you find a good sale.
First, you can buy the milk in bulk at a good price and then freeze it.
Iowa State University Extension & University of Nebraska Cooperative Extension
It is safe to freeze milk but freezing may change the texture of the milk and cause some separation. Stirring well may reduce the texture change and separation enough to use the milk in products like puddings and baked goods. If you are freezing milk for your family to drink, try a small amount first and see how they like it. Remember to allow plenty of headspace (1-1 ½ inches) for the milk to expand in your freezing container (Emphasis mine)
On the Dairyland site from Canada:
Although we do not recommend freezing milk products, for some it is a necessity. Milk may be frozen for as long as 3 months provided the sealed container is frozen prior to the best before date. Skim and 2% milk freeze better than Homo milk (whole milk). Thaw frozen milk in the refrigerator. The milk will still have the same nutrients, but it may separate. If it does, shake well or beat with an electric mixer or rotary beater. (Emphasis mine)
Based on these and other people opinions at various forums, it appears freezing milk is one way to freeze the price affecting your wallet. Whether you decide to use the frozen milk in cooking only or for drinking is up to you and your taste buds. But it appears to be a safe way to save money.
Second, you can always check out the boxes of powered milk that are in the cooking aisle of your local grocery store. From what I can tell most people use it for cooking or do a half & half (powdered/pasteurized) approach to stretch the milk within their family. Personally, I am powdered milk all the way. For me, the cost of buying powdered milk works out to a ‘free gallon’ every 3 gallons I make. And that milk lasts me a good 4-5 days or more.
Things to consider when your milk prices go up:
☼Freeze milk to get you through to the next sale
☼Buy powdered milk to mix in and stretch or to replace
Update: Can butter can be frozen as it’s prices are going up as well? Answer: Yes
“Store in original protective wrapping or container until ready for use.
Freeze butter not intended for use within 2 or 3 days. Frozen butter will maintain its quality for 2 months. “