If I make a cake ahead of time (like if I make it today, Wednesday and it is for Saturday) do I just freeze it? I have heard this before, but I do not want my cake to dry out. I'm just wondering if this is the appropriate storage method. Thank you!!!

I usually freeze my cakes(after advice from CC) and they are always moist. I was told that you can freeze for up to 2 weeks. I usually just freeze for a few days to a week. They are great with no problems.
My question is...if I bake today(Wednesday) for Saturday, do I have to freeze? Or can I tightly wrap?

if I bake wednesday for a saturday cake, I will fill and crumb coat then freeze, take it out of freezer either late thursday evening or early friday morning. I've not had any trouble with my cakes drying out. HTH

I also bake and freeze my cakes, for all if you have a few orders going that week... a tip I picked up from many of the ladies here on CC who bake and freeze their cakes.
As long as you wrap it up properly in plastic wrap and I then put it into another plastic bag.
Take it out a few hours before you need to decorate and let it thaw in its wrapping....and I have never had any complaints about my cakes being dry..
So, give it a try!!