From what I've heard from my friends, opened formula powder can only be kept for 30 days (upon opening). The most they have tried was to have it for another 3 to 4 days beyond the 30 days.
If I'm not wrong, the nutritional value of the powder may change once opened. Hence, it is probably better to keep to the guideline (usually stated on the can itself). Also, freezing of powder is not recommended as it may change the physical properties of the formula.
Perhaps you could opt for a smaller can if you are not using that much.