Like most tools, however, it only helps if it is used correctly. If I buy something and it migrates to the bottom of the freezer for a couple of years and then gets thrown out, it has not saved me any money. The trick to using a freezer efficiently is to KNOW WHAT YOU HAVE. I do this by having a freezer inventory.
I have five pages in my freezer inventory - meat, produce, meals, other and canning (which I know is technically not freezer.) Each page has three columns - item, date, quantity.
Under item, I write what I have and the quantity it is packaged in (ie. 2 c strawberries, 6 c strawberries, single chicken breasts, 4 chicken legs, etc.)
Date is the date it is put in the freezer.
Under quantity, I write hash marks for the number of unit I have (ie. seven would be like this - l l l l l l l)
When I use something, I cross off the hash marks for what I used (if I used three of seven, it would now look like this - X X X l l l l )
As long as I remember to write in my book when I take something out or put something in, I know what I have in the freezer. Then, even if I can't see it immediately, I can look deeper. (I KNOW I have a pan of lasagna in here somewhere.)
Once a year, on a hot summer day, I take everything out of the freezer and count it and start my sheets from scratch. This keeps them pretty accurate. It's also a good way to cool off in the summer.
Things like ice cream I don't bother to track in my inventory. My family does a good job keeping track of that without my help.