How to Trade Clothes With Friends and Stay Friends:

Rule #1: Lend Length. Valerie suggests keeping an item for a maximum of 1-2 weeks, which gives the borrower enough time to enjoy it once or twice, clean it and return it.

Rule #2: Laundering. If an item needs a particular kind of care, Valerie suggests discussing it before the lend so a well-intended dry clean doesn't go awry.  Some fabrics discolor with cleaning chemicals, so just double check with the lender before you clean it.  Generally speaking, you should always have the item professionally cleaned and give it back in the exact condition you received it.

Rule #3: Damage Control: Let's say you return from your event in your borrowed Gucci shift and oops, there's a tiny tear or spot you are sure will come out.  Valerie suggests picking up the phone and offering to reimburse your friend for caring for the item by her trusted place.  Accidents happen to everyone, but there's something about a phone call that communicates taking responsibility rather than dodging it via email or text.  "Contrition is good.  Cavalier is not," says Valerie.

Rule #4: Total Wipeout: You're on your way home from the event and the hem of your borrowed Gucci shift gets stuck in the cab door and rips completely off the seam—totally irreparable.  Do you crawl on your knees to your friend's apartment and sob for forgiveness?  Valerie says no—and here's the reason: she never lends anything she couldn't afford to give away forever. "A friendship isn't worth an article of clothing.  If something is dear to you, don't lend it."  By setting that simple no-brainer boundary ahead of time, you avoid setting yourself up for disappointment and can lend without reservation and without resentment.