Standard latex balloons and gloves are made from the sap of a rubber tree, an organic material. They are biodegradable and decompose rapidly. Good news for the landfill. However there is currently no reuse for these products so they have to be placed into the trash.
Reduce and Reuse
Buy only what you need to limit excess that will become waste.
If the item is still in usable condition, consider donating to a local thrift store, selling on an online marketplace, or gifting the item through your local Buy Nothing group.