Back basting isn't much waste when done correctly. There are some people who use large pieces of cloth and cut it away, throwing it out...I save my scraps and reuse them in other projects. I also like it a lot because I'm not stuck sitting by the iron and can take all of it to go without pins, too. I love back basting!! There are several tutorials on it all over the internet, not sure about here on the quiltingboard.
I also learned freezer paper first and found it is still helpful for odd shaped small pieces and thin stems/basket handles but that's about all I use it for.