Financial times are tough, and yet the season can make demands on our wardrobes -- whether it's a cocktail party, a night of dancing, or one more dinner party. So, is it possible to dress up on a down-home budget? By all means! It just takes a little Foxy strategy, ingenuity, and fashion smarts.

First rule of thumb -- skip the trends and invest in wardrobe basics that have maximum mix-and-match potential. You can always work in a color or style trend through accessories which are much more affordable.

Another bit of advice -- take advantage of end-of-season sales, online sample sales, and online discount or refund sites like Ebates.

Third -- stock up on these ultimate essentials. With these pieces in your closet, you'll never go wrong and never find yourself without anything to wear. And the best part of all -- nothing costs over $50!

GALS:

Little Black Dress  Keep the styling simple, not overly trendy, so you can wear it season to season and year to year. Victoria's Secret's Strapless Tube Dress is simple and stunning, as is the price of $38!
Fun & Festive Colored Dress  There's nothing like a jolt of color to make you feel sexy, and make others take notice. The Mariella Dress from Delia's is fun and flirty.
Silk Blouse  Feminine and sexy at the same time, you can wear it with everything from jeans to a pencil skirt. Breezy long-sleeve styles like Victoria's Secret's Pleated Silk Blouse can be worn year-round.
Cardigan  A snazzy sweater instantly dresses up any outfit. Experiment with something colorful or a playful animal print.
Wide-Leg Black Dress Pants  Slimming and sophisticated, a wide-leg pant like Victoria's Secret's Palazzo Pant is ideal for everything from dinner gatherings to cocktail parties.
Black Pumps  A stiletto with a bit of va-va-voom is a must.
Colorful Shoes  A pair of bright shoes can add instant wow to a plain dress or slacks. Try Madden Girl Pristege, a sweet little peep-toe with a punch of red.
Gold Pendant Necklace  The perfect way to draw attention to your gorgeous collarbone and décolletage! We love Banana Republic's charm necklace, a steal at just 34 bucks.
Clutch Bag  The perfect way to carry your lipstick, a little cash, breath mints and a few other necessities. And yes, you can get a clutch on the cheap -- check out Nine West for some great options like the Jeweled Snake Clutch for under $35.
Black Tights  A trendy way to class up a dress or skirt for a night out, and black tights work well with black shoes or colored ones. Old Navy has affordable styles as cheap as $6.50.
GUYS:

Dark Jeans  Jeans can be dressed up in all kinds of ways -- paired with a crisp button-down or v-neck sweater and a hip pair of leather slip-on shoes.
Black Pants  Go for flat-front styles, without pleats, for a more modern and flattering look.
V-Neck Sweater  There's no need to splurge on cashmere -- slip on a soft merino wool v-neck and you'll be irresistible, at half the price!
Button-Down Shirt  Stick with darker colors, which feel more sophisticated and dressier for nights out.
Hip T-Shirt  A comfy yet fitted long-sleeved Henley or T-shirt can be perfect for more relaxed nights out. At just $10, this Old Navy style can't be beat. Dress it up with leather shoes and a sleek watch.
Black Shoes  Every guy should own basic leather black shoes, whether it's slip-ons or ties. But we also love the idea of adding a bit of flair to an otherwise dressy look with a pair of black sneakers.
Brown Shoes  Another staple for going out -- you can sport these with khakis, jeans, or dress slacks. At less than 40 bucks, Alfani's Crinkled Leather Slip-Ons are a steal.
Black Jacket  There's just something about a guy in a black jacket -- it's understated and still very hip, very sexy. Micro-suede can be a less expensive alternative to the real thing, so shop around.
Belt  Whether you're going out in jeans or trousers, a masculine leather belt is a must. Simple styles that don't have huge buckles or lots of little extras are your best bet.
Dress Watch  Trade in your plastic running watch for a sleek leather-band and a classic design -- you'd be amazed what a big impact a little accessory like this can have.