A multi-purpose adjustable retaining device is disclosed. In one embodiment, a cord having two ends is provided that is composed of an elastomeric material configured to deform elastically upon elongation. Each of ends of the cord are threaded through a cord stop, which permits the length of each end to be adjusted, with any spare cord forming a loop extending from a side of the cord stop opposite the two ends. Suspension clips are respectively slidably connected to each end of the cord in order to grip a material.