As the holidays approach, your chances increase that an elegant, engraved invitation will grace your mailbox requesting your presence at some soon-to-occur chic event. Will you just reach into your closet and pull out the perfect formalwear, or will you have to start the hunt to find an attractive, budget-friendly dress, suit, gown, or tux to wear to the fancy-pants party?

Beg, borrow, or steal

Before you lift a twitchy shopping finger onto the keyboard, check your budget. Do you really want to spend $500 or more on a dress or tux? If money--or last year’s tux or gown--is tight, start your formalwear hunt in the closets, attics, storage units, and basements of friends and relatives.

Ask around and maybe for the price of a dry-cleaning, you’ll have a vintage tux or gown to flaunt at your formal event.

Worn once, but second-hand

Thrift shops usually have a large selection of formalwear that shows no wear. Outgrown tuxes, worn-once dresses, and like-new gowns fill large sections of second-hand shops and are just waiting for you to discover them. Get to the racks and roll out the bargains!

Rent, don’t buy

Men have been doing it for years: they usually rent formalwear and are insured a tailored perfect fit in a quality tuxedo with up-to-date styling. Now women are doing the same thing. For the price of a mediocre dress, women can rent a spectacular gown--many that carry the cachet and name tag of high-end fashion designers. Websites like Lending Luxury and Rent the Runway offer many extras besides the dress rental like free return shipping, free dry cleaning, and accessory options.