There is a good way and a bad way to cutting cake! Do you end up having left over cake from a party and eating a dry piece of cake the next day? Try it this way to keep it moist and yummy..
I'm not sure if an elastic band is a good idea, because of it's non-food-isness... So I'd suggest taking a bit of a wide piece of cut-rite wax paper (about an inch) and wrapping it tightly around the cake and using tape to keep the ends together (taping one piece atop of the other).
