First of all, a rubber band is a thermodynamic object which does not contain any potential energy if loose (unstreached), thus it's to be declared as "cold" if loose.
When you stretch a rubber band, it warms up from the streaching and then contains potential energy which is needed to get back to it's old state.
Also, warm rubber bands are more elastic than cold ones.
Like shown here.
Since rubber bands wear out faster when being overstretched, you should make them as elastic as possible prior to stretching by warming them up first.
Do not wrap them around your wrist to warm them if they're cold, it's better to put them into your pocket or hold them in your hands for a moment.
Once they're warmed up, your wrist is then a perfect place to store them to keep them warm.
Make sure the rubber band is warm before you wrap them around your hair.
Do not store them at cold temperatures.
And of course, higher quality is more durable.
There's a german proverb:
"Wer billig kauft, kauft zweimal, wer sparen will gibt Geld aus."
If you buy cheap, you'll buy again. If you want to save money, pay more.