This organizing strategy takes inspiration from the food service industry.

Every day, it feels as if there's a new organizing craze or trend. One week, it's decanting everything in your kitchen and bathroom into clear containers. The next week, it's file folding your entire closet. Now, one of the latest organizing methods gaining traction is the FIFO method, which stands for "First In, First Out." While it might seem like just another TikTok or Instagram organizing trend, it's actually a smart way to live, stay organized, and even save some cash. Here's what you need to know about it, along with the best ways to implement FIFO into your life.

Shantae Duckworth, professional organizer and founder of Shantaeize Your Space, says she personally lives by the FIFO rule and actually learned about it when she was working in the service industry before she became a professional organizer. "When you buy any new items, especially in regard to food or cleaning supplies, you want to make sure that the products with the closest expiration date are in the front to be used first, before newer items that you have just purchased."

There are few things as frustrating -- especially in this economy -- as wasting money on something you could have used, but didn't, whether it's food, makeup, or a personal care product. By using the things that expire first, you're less likely to waste things before they reach their expiration date. You can also get a better handle on your inventory and evaluate if you really need to buy more of something or if what you currently have is going to last a while.

Kris Hargrove, professional organizer and founder of Organized by Kris, tells me that implementing FIFO can help cut down on clutter. "The main benefit of this method is reduced clutter, as you avoid accumulating items that end up forgotten and unused," she says. "Plus, you won't need extra space for excessive backstock items."

So, if you live in a small home or simply don't have an abundance of storage space, it's definitely worth implementing FIFO into multiple areas of your life.

One of the biggest problems many of us face in the kitchen is letting perfectly good food expire and go to waste. We don't do it on purpose, but this happens to even the most organized people sometimes.

This is where FIFO comes in. For example, when you're unpacking your latest grocery store haul -- be intentional and put that new box of crackers or pasta behind the one you bought on your last trip. This way the already opened or older boxes will get used up first.

"This is also a great way to keep track of how often you are using certain items within the expiration date," Duckworth adds. "This will determine if this is an item that you need to buy in bulk because you use it frequently, or if it's something you only occasionally use and can buy less often."

FIFO can also inspire more creativity in the kitchen. "If you have certain items near their expiration date, you can find recipes online that incorporate all of these items together," Duckworth says. "It also helps with meal planning, if your family does that, because it will ensure you use what you already have in stock before going to the grocery store to buy new inventory."

We all have those products we buy again and again. Whether it's a face moisturizer, body lotion, or even something as simple as a bar of soap, it's frustrating to discover your stock has expired before you can use it -- or to discover you've bought something you already have hiding in the back of your cabinet.

So, as you organize your vanity drawers or the space under your sink, be sure to put the older products you have front and center -- to ensure you use them first -- and send any newer products to the back. FIFO is truly that simple and easy.