The great fashion news right now is that stylish party clothing is also budget friendly. Bobbie Thomas, style editor of NBC's Today show, adds that dressing up also is easier than ever.

Dressing up is about reinventing, reusing, and rethinking your wardrobe, she continues. You should look to the basics rather than purchasing items that are extravagant in style and price.

Year-round wear for top value

Powered by the catch phrase, "make it work year-round," Thomas sees a movement toward season-less style, where fashion is no longer ruled by color. For example, she points out, lacy looks are always popular. The black Elija J lace and faille dress, from Nordstrom, is a great year-round find. "I also love the fact that women aren't putting away their summer and spring pieces," Thomas says. In addition to black, "we're seeing pastels and soft summer colors being incorporated, year-round."