I agree with everyone else, pretend they're free. Your time is worth more than a $10 belt.
Keep your belts separated by grit, and if possible keep them in a room other than where you grind, so they don't get dusty. Using a 400-grit belt and realizing it has other swarf and dust on it already will make you say bad words.
As you already figured out, use glazed/worn belts for rough hogging and profiling and knocking off that first "corner" on the edge. Mill scale and sharp corners will wear out a new belt real quick. Also, old belts are handy for smoothing out the edges on leather sheaths.
Grind bevels with nice sharp fresh belts. Sometimes worn belts make weird, uneven scratches that are a pain to clean up later. Belt "erasers" help knock gunk and swarf out from between the grits, especially when grinding stuff like oily woods. A proper dressing tool like DevinT described is even better, but in a pinch you can use a carbide end mill to knock gunk loose and help break up "fresh" surfaces on the belt.
Every single time I've gotten frustrated with a bevel seeming to take forever and finally put a fresh belt on, I said
"Dang, I should have changed that belt 20 minutes ago, I'd be done by now!"
Just for fun, try turning an old belt inside-out and dress the cloth backing with polishing compound, and use it to polish/power-strop your final edge. Like you might do with a buffer. Use a light touch! If the edge is already pretty sharp, a couple passes on that can remove the small burr and crisp it right up.
I have also stapled worn 30-60 grit belts down to my father-in-law's wheelchair ramp on his house for gription. It's not very pretty, but it does work.
Other than that... once they stop cutting well, just cut 'em at the seam and throw them away. (cutting them prevents you from being tempted to use 'em again, and they fit in a garbage can easier that way...)