One of my freebie-finding tips is to visit those Second Life dancehalls and ballrooms with a formal dress code; very often you will find free formal outfits for visitors. For example, here are the freebies at the Blue Moon Palace Ballroom (here’s the SLURL):
The woman’s gift from the Blue Moon Palace is this lovely deep red full ballgown, which comes with shoes. The gown is actually a bright red by default, and you can adjust the tint!
Other good places to pick up free women’s formalwear are the group gifts wall at AZUL, the Snowpaws freebie store at the London City sim, and the women’s formalwear section of the Free Dove. Visit these places and you’re all set for your next formal event!
The men’s gift from the Blue Moon Palace is a formal black suit with shoes:
Other places to pick up a free men’s suit (with exact SLURLs) are Unihispana Crea, The Free Dove, and the freebie store at Ajuda SL Brasil (here and here). And don’t forget that all the men’s clothing (including a wide variety of suits and formalwear) at Kauna is free! You don’t need to spend a penny to look dressy in Second Life!