The phrase "smell of an oily rag" often refers to something being run down or in a state of disrepair. Synonyms for this phrase could include "shabby," "ramshackle," "dilapidated," or "rickety." Alternately, if referring to a person or their finances, synonyms may include "struggling," "on a shoestring," "pinching pennies," or "barely making ends meet." These words all convey the notion of something or someone being in a state of hardship or difficulty, often due to lack of resources. As with any phrase or expression, there are a multitude of synonyms that can be used depending on the context and intended meaning.