Milton Pedraza, chief executive officer at the Luxury Institute sees a growing trend of high-low dressing–mixing items from mass-market or fast-fashion retailers like Zara and Forever 21 with luxury purveyors like Chanel and Louis Vuitton. That’s right you may now mix your Target items with your Chanel.

To make this combination more enticing retailers started partnering with top luxury designers such as Vera Wang at Kohl’s (nyse: KSS – news – people ) and Rogan at Target (nyse: TGT – news – people ).

“A luxury executive showed me her Hermès sweater and watch and then told me she bought her black suit at H&M,” says Milton Pedraz. “But she looked impeccable, and you couldn’t tell the difference.”

Forbes: In Depth: Seven Ways To Affordably Dress Designer

Splurge On Basics

Classic items like a pencil skirt, sport coat, dress pants and little black dress, should be high-end since these items generally get the most use, said Michelle Sterling, founder of Global Image Group, an image consulting service. Since you will likely wear these items for more than one season, they are worth the extra money.

It’s All About Accessories

Handbags, shoes and sunglasses are worth the splurge. The right accessory can elevate cheaper cashmere, denim and outerwear, said Roseanne Morrison, fashion director at the Doneger Group. It’s also easier to justify spending money on one accessory you can wear throughout the season than a garment that will be out of style in a few weeks.

Go Cheap With Trendy

Items that you know won’t last more than a season–like balloon skirts and leggings–should be bought at fast-fashion retailers like H&M. You don’t want to waste money on a style that will be passé in a couple months

Become An Expert

Get to know the fabrics, prints and stitching of designer clothing, shoes and accessories. Since fast-fashion retailers are elevating production, it’s easier to get less expensive items of similar quality–and familiarizing yourself with the detailing of high-end accessories will allow you to distinguish between the cheap-looking and the bargain. For example, twill weave is more high-end than plain weave and can make the cheapest item look expensive.

Tailoring Is Key

Whether you are splurging on designer jeans or picking up an H&M blazer, the wrong fit can make the item look poorly constructed. The most important thing when purchasing any piece of clothing is making sure it’s the right fit for your body, Sterling said. If you know it will not make it to the tailor, leave it on the rack.

It’s Not All About Price

Whether it’s a $10 T-shirt or a $500 purse, if you are not going to wear it, don’t buy it. Sometimes it’s better to wait for a designer item to go on sale than to pick up a comparable item at a fast-fashion retailer if it is just going to sit in your closet. Just because you can buy five shirts at H&M–instead of one–doesn’t mean you should.

Take Advantage Of Vintage

Thrift shops, flea markets and vintage stores are filled with unique items that can turn a plain outfit into a fashion statement. There are some quality designer vintage items available if you are willing to hunt for them, but make sure merchandise is in good condition or can easily be fixed.

Now I feel you have the information for a Champagne Look on a Beer Budget!

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