Yes it is chinese proverb, It use analogy. Basically, you got the meaning. It is said how to use money very usefully

Ah, now I understand - thanks for the message! :) I can understand where the end of the sentence comes from in the phrase "如何把钱花在刀刃上。"

For some reason, Google Translate pops out "wisely" for "刀刃上" when the whole phrase is translated. So it's asking about budgeting advice, perhaps?

So, does anyone have any good tips? :) 

"... to put the money spend on the knife edge" Sorry, I don't know what you mean.  When something is "on the knife edge", it's a tense or risky situation. The phrase actually doesn't make sense.

Are you looking for a discussion on being economical with money, and spending less?

"Tell me what you could do to <em>curb your spending</em>." Is this what you mean?