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Frugal Fashion: Olivia Palermo's holiday ready wear

October 27, 2010 |  7:00 am

Oliviapolermo The holidays are fast approaching, which means your wardrobe will need a little something extra special to kick your winter party style into high gear. This season that extra special something is the color red.

Celebrities are shining on the red carpet in anything from vibrant red dresses to subtle pops of red in the form of clutches, shoes and jewelry. Our own resident stylist Melissa Magsaysay devoted a recent article to the color’s power over your fall wardrobe.

Given the attention red is getting this fall, we thought it fitting to feature an outfit with a little punch of the hot color. 

Even if you don’t watch ‘The City’ or any of MTV’s reality shows featuring stylish socialites, you’ve probably seen Olivia Palermo. The 24-year-old manages to show up looking fabulous at most red carpet events or anywhere cameras are flashing.

Palermo was photographed at the N.Y.C. Cinema Society screening of Welcome to the Rileys in a Tunicdressblack leather dress, Corso Como yellow pumps, a chunky gold necklace by Mawi and a bright red clutch. Palermo's subtle hint of red spices up her not-so-classic black dress and her necklace gives a nice futuristic twist to the ensemble.

This week we've got some great frugal finds that will get you ready for a season full of holiday parties. This black tunic dress by Merona for Target is a steal at $37.99. It may not be leather like Palermo's but that might make it even better. You can avoid the dry cleaners with a machine-washable polyester and the satin-like bands on the bottom and sleeve hems give this little black dress some extra character. 

Necklace The perfect accessory to spruce up any black dress is a piece of chunky gold jewelry like this necklace by Betsey Johnson at Macy's for $38. The textured round links of goldtoned metal are simple but big enough to make a statement.

Red For the piece de resistance, a red clutch by Forever 21 for $8.80. This is a seriously frugal find. At that price you can buy it in red, black and gold and have a clutch for every occasion. This accessory doubles as a wallet or a clutch, perfect to pair with any party attire.

Palermo chose to go with yellow shoes for her outfit but this ensemble will work with any pair of black or red heels you might already have in your closet.

The grand total, before taxes, is $84.79. With holiday gift shopping just around the corner, you can feel good knowing you'll be stylish and at the very least be prepared financially; preparing mentally is an entirely different story.

Happy shopping.

Have an outfit you're dying to buy, but need a frugal alternative? E-mail us a picture. We're up for the challenge.

-- Jenn Harris

Photos: (Top) TV personality Olivia Palermo attends The Cinema Society & Everlon Diamond Knot Collection's screening of "Welcome To The Rileys" on October 18 at the Tribeca Grand Hotel in New York City. Credit: Stephen Lovekin /Getty Images  (Middle right) Black Merona dress from Target  (Middle left) Gold necklace by Betsey Johnson at Macy's  (Bottom right) Red clutch wallet from Forever 21