Is it smarter to buy liquid yeast only when you are ready to do a new brew, or could you actually stockpile the yeast and keep it in the fridge? How long does it stay active?
White labs has a best by date on it. I believe that Wyeast does also. But, even if it is beyond its 'expiration' it can still be used. In either case you should make a starter and adjust the starter size depending on how old it is to pitch the proper amount of yeast. http://www.mrmalty.com/calc/calc.html
I wash yeast as well. The oldest that I've used is 4 months, but this weekend I'll be using a strain that was originally purchased 9 months ago. I keep making starters off of the original, unused in a brew strain. I've used it probably at least a dozen times.