Olive oil makes a great moisturizer for your skin. It leaves your skin feeling soft and smooth, and it is way cheaper than having to constantly buy moisturizers and lotions.
Put a little bit on a cotton ball and wipe on your face (or on your elbows, knees, and heals), blot off with a tissue. For application to the rest of your body you can add a bit to your body lotion, or put some in a spray bottle. (Spray bottles designed for oils work best)