Don't waste them! Steep them in a warm liquid (milk or water, etc.) that you will use in a recipe. Split the beans. Heat the liquid with the beans in it until almost simmering, turn off heat, steep for 1/2 hour or so. The oils will permeate your liquid. Then, scrape the pods into your liquid or recipe. Let the beans dry maybe overnight, then bury them in sugar. A couple cups in a jar, shake it every couple days, & in a couple weeks, you should have vanilla sugar.
Or, put the beans in some decent quality vodka. Shake the bottle every couple of days and in about a month to six weeks, you'll have vanilla extract.
I buy vanilla beans by the pound. I store them in a huge container of sugar.