I am designing a led matrix and I want to power a lot of leds(around 30 to 40) in series using 5 volts and the least amount of resistors as possible. Can someone please tell me the best way to do this.
Use a MAX7219, can drive up to 64 LEDs with 1 current limit resistor per chip.
This board I offer will let you connect up individual LEDs each with its own pair of wires.
http://www.crossroadsfencing.com/BobuinoRev17/
Yes,that board of Crossroads is the way to go.
Note sure about the wire wrapping. 
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I am trying to design a led matrix.
So look at the MAX7219 datasheet - it is designed to drive up to 8x8 LED matrix.
@LarryD,
The wirewrap makes it Really! easy to connect LEDs. They have square legs and are just the right size for wirewrapping.
Way easier than trying to solder up individual LEDs, and 30 AWG wire is nice & flexible for laying out a project.
Have you considered using LED strips like the WS2812B ?
@Crossroads, just kidding.
Could use duPont crimp connectors also.
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2X16
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Thanks