Bungee jumping. Cliff-diving. Bull riding. Using expired milk in your cereal. Each of these requires a fearlessness few possess. As Jerry Seinfeld said: "You ever have milk the day after the day? Scares the hell out of you, doesn't it?"

According to a U.S. Department of Agriculture report, 54 percent of consumers believe that eating food after its stamped date is a health risk. But just how stringent are these timestamps? And what's the difference between "sell-by," "best-by" and "use-by" dates? With the holidays approaching rapidly, this information might be handy as you stare into your cupboard at those old cans of pumpkin and condensed milk you bought two (or was it four?) years ago.

The Food and Drug Administration only requires dates and codes for infant formula and baby food; however, most food manufacturers voluntarily follow suit, and 20 states require some foods to be dated. And generally, most food processors follow the FDA's suggested guidelines.

In almost all cases, food dating is for quality rather than safety. So it's time to stop thinking, "When in doubt, throw it out." According to the Environmental Protection Agency, more than 20 percent of landfill space is filled with wasted food, and that rotting food gives off methane gas -- a greenhouse gas. If the environmental impact wasn't enough, consider your wallet. A survey by the American Chemistry Council found that households throw out more than $640 worth of food each year. Other studies, such as an ABC News report from 2013, cite numbers as high as $2,200! That's a lot of dough you could save by learning which foods are safe to eat after these dates.

Phrases such as "best by" or "better if used by" are usually found on foods like snacks, cereals, cookies and some canned goods, and they signify that the product will likely diminish in quality after this date, though the product is still safe to consume. These demarcations are the most arbitrary, and it's usually worth the gamble. Trust your nose and your taste buds. For canned goods, the acidity of the product impacts longevity. Low-acid foods such as pumpkin, beans and vegetables will keep for up to five years. And high-acid foods such as tomatoes, cranberries and other fruits start to lose their quality after 12 to 18 months.

"Sell-by" dates are typically found on meat, milk and breads, and this date code is helpful for grocery stores to know when to take these highly perishable foods off their shelves. However, the products will be fine to eat after this date. The Institute for Food Safety and Health at Illinois Institute of Technology says, "One-third of a product's shelf life remains after the sell-by date." Milk should last for another week, though some meat products should be either eaten or frozen within a day or so.

Enter the refrigerated aisle, and you'll see the phrases "use by," "use before" or "expires by." This date denotes peak quality, and it is more stringent as it's typically on eggs, yogurt and creams. If you are waffling on using a refrigerated product after this date, toss it, especially if you're using the product for holiday meals. No one wants a holiday pumpkin pie remembered for anything other than being delicious.

Sometimes it's unclear whether you're looking at an expiration date, a packing code or a secret encryption out of a Dan Brown novel. These codes allow manufacturers to track goods across state lines. They're also used to track products that need recalling.

For best results, buy smaller amounts of fresh produce and foods. And take some time to explore the food label for the marked date. In most grocery stores, the freshest products will be stocked underneath foods that expire earlier or at the back of the shelf.

And with these tips alleviating your food fears, you'll have more time for base-jumping -- or asking your in-laws to clean up after Christmas dinner.