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Renting Clothes

What are your financial opinions of renting bags or dresses for special events vs. buying knock-offs/cheap dresses? I can’t decide what to do for an upcoming wedding weekend I have to go to.
 
Has your closet turned into a coffin for over-priced dresses? We all have those two (or five) dresses that we wore once, looked fabulous in, and retired forever.
 
Most women trick themselves into thinking they will wear a formal dress again, but truth of the matter is by the time the next occasion comes around you will probably be in the market for a different look. Financially speaking, renting dresses or purses is an excellent option for those who have formal events but do not have the budget to constantly purchase a new outfit. You will save an average of 90-95% off the retail price. If you do not foresee yourself wearing the dress again, then you should rent.
 
As for purses, that is up to you. Purses are generally an investment that you will more than likely use again. You don’t need a black tie affair to whip out a snazzy purse. If you’re a lady who doesn’t care for purses but would like a nice one to bring to the wedding then rent away. If you love accessorizing and need a new purse here is you reason to buy that one you’ve been eyeing.
 
If you are not responsible with what your rent or are forgetful when it comes to returning, renting will and end up harming your bank account as opposed to helping. Here is a little quiz I put together helping you figure out if renting is for you:
 

1.When I go out I…

a. Like to party, not to say I’m a total train wreck, but sometimes I am.
b. Observe others, I like low key events.
c. Go Out? Like to get the mail?

 

2. When I Redbox a movie I…

a. Watch it and then try and get my boyfriend or roommate to return it, I have been charged an extra dollar or two every now and then.
b. Return it as soon as I am done watching it. The deadline is 9pm the next night right?
c. Don’t really have time for movies.
 

3. How do you get wine out of carpet?

a. Blot the spill, use carpet cleaner mixed with hydrogen peroxide to continue blotting the stain until it lifts. Blot area with warm water. Why?
b. I’m not sure I’ve never spilled wine on my rug. They probably have some info about it online.
c. Wine sounds good right about now.
 

4. When it comes to designer purses I…

a. Don’t really care for them. They look nice, but I’d rather save my money for something more fun.
b. Have a closet full of them! I just love the way they can make or break an outfit.
c. Have a pretty nice backpack. That works for me.
 

5. My bank account…

a. Is sad. I am really working on paying off credit card debt.
b. Is looking okay, but it would be nice to have a little more cash.
c. is growing. Little by little, but its growing.
 

Mostly As
Honestly honey, I am not sure if renting is for you. A person who cannot take care of the items they rent will get charged extra if there is damage or late returns. If renting is unavoidable for you make sure that you read the policies very carefully before you rent. For goodness sake put the drink down before you try to do the Casper slide.
 
Mostly Bs
Renting is a great option for you! Clearly you like to look good and it seems you are pretty responsible with your clothing and accessories. If your bank account is a little low, you would be saving quite a lot on renting. So go ahead and rent away!
 

Mostly Cs
Okay bookworm, you study too much. Yes, there is such thing as too much studying. Get out a little bit enjoy life! As for renting vs. buying it’s up to you, as long as you are responsible and looking to save some money you should definitely consider renting. Especially if you do not have a lot of events that you can re-wear formal dresses to, you may want to just rent one for now.
 
College is expensive no doubt about that, and it is important to find ways to save while you are finishing up your education. Renting, done properly, is a great way to do so. Now if only it was as easy to rent the perfect date.

Marina Shifrin is a New York based writer with a degree in journalism from one of the nations top journalism schools, the University of Missouri. In college Marina minored in business and became interested in finance. After graduation she became a writer for , a user-friendly site making it easier to find the best banks, interest rates, peer reviews, and community answers/questions about personal finance.Marina’s writing has been featured in financial blogs including The Frugalista Files and Free Money Finance. She also writes for AD60; an agency that specializes in web product development so that companies can get their digital projects off the ground quickly and successfully. When she's not getting lost in New York or at work, Marina likes to daydream about owning a dog, perform stand-up comedy and go for runs around Brooklyn. E-mail her at [email protected] to ask questions about your career, money or Michael Jackson (she is well-versed in all three) or follow her at twitter.com/MARINAvsNYC.
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