Your freshly baked cake can last for up to two days if you keep it in a cool, dry pantry, so you don't have to worry about it going bad overnight. If you've put any fillings in your cake that can spoil, such as those containing dairy, eggs or fruit, keep the cake in a refrigerator at 40 degrees Fahrenheit or below. Before storing your cake, wrap it completely in one to two layers of plastic wrap to keep it moist. You can also add a layer of aluminum foil over the plastic for extra protection.

Not only does wrapping your cake prevent moisture loss, it also prevents any refrigerator or pantry odors from negatively affecting its taste. If you don't have any wrapping, you can place the cake in an air-tight container, instead, to achieve the same purpose. If you have refrigerated your wrapped cake, allow it to sit for a half-hour or so at room temperature in a cool, dry pantry before unwrapping and frosting it. This prevents condensation from forming on the outside of the cake and causing the frosting to slip off its surface.