What is meal planning?

Meal planning is simply planning meals before you cook them.  Some people like to shop first then plan meals around whatever was on sale.  Others like to plan first and shop only for what they need.  I do a combination of both. 
Before I sit down to plan a menu I open the pantry, fridge and freezer and take a quick inventory of what I already have on hand.  Then I plan meals, and make a shopping list for the remaining items.  After that is done I check the sales flyers for good couponing stock up deals.  We usually spend $10-$20 a week on sale items.  I do not go crazy here and it is easy to do.  My rule is if we wont use it I don't buy it - no matter what.  Period.  It is hard to pass up something that is free with a coupon but if you end up throwing it away unused you didn't save anything in the first place.

In my pantry -
Pastas, Rice, Beans (dried and cans), peanut butter, honey, maple syrup, cereal and oatmeal, dried fruits, crackers and pretzels,
Dry goods -
Flours (white, whole wheat, buckwheat), sugar (white, brown, agave nectar, stevia), baking powder and soda, spices, salt/pepper, baking chocolate, coffee and teas
In my fridge -
Milk, yogurt (homemade), eggs, juice, cheese, butter, condiments and dressings, fresh vegetables and fruit (depending on what is in season).
In my freezer -
Beef. We currently buy 1/2 a cow once a year.  This allows us to get organic grass fed beef for cheap than conventional meat at the grocery store.  Last year I paid $3.75 a pound.  That was for steaks, roasts, ribs, and ground cut to our liking.  Check out Eatwild.com for a farmer near you.
Chicken.  We get boneless, skinless chicken breasts from Zaycon foods (Sign up here to find a location near you).  They sell them in 40 pound cases for $1.79 a pound at the last event!
Dough for pizza crust and dinner rolls
Sauces. Tomato sauce and pesto made over the summer
Vegetables and fruit.  Corn, peas, green beans, stir fry mix, edamame, pureed pumpkin, blueberries and strawberries
Bread
Pre-made (by me) dinners and breakfasts

I am sure there is more but these are the basics for our house and the building blocks for our meal planning.