-- Know when to splurge and when to save. Men and women should both spend on shoes, says Sharon Haver, founder and editor-in-chief of focusonstyle.com. "Women need a good pair of boots with a classic toe and a nice, stacked heel. You'll get several seasons of wear out of them. Men should spend money on a nice pair of loafers with a sturdy sole, because they last." Women also need to have a well-made, versatile leather bag, one that goes from day to night and dressy to casual, and men should have a well-cut suit in a neutral color like charcoal. Get one in lightweight wool and you'll be able to wear it year-round, breaking up the pieces as necessary. What can you skimp on? Anything trendy. Gladiator shoes, for instance, aren't going to be in style forever; so don't lay out a lot of cash if you want to jump in on the trend. The same goes for chunky fashion jewelry that you may hate by next season.

-- Stock your closet. If you have the essentials at hand, you'll be ready for any occasion. You can never go wrong, for instance, with a cashmere sweater, and you can find them on sale as winter comes to a close. Pick one up in a nice, muted color or even black, so you can mix and match it with other, more colorful pieces in your closet to create different outfits. Haver also suggests investing in a nice pair of dark jeans. "This is especially important for men, because if you have a pair of premium denim jeans, you can wear them with a button-down shirt and a blazer." Make sure your closet is also home to a crisp, white button-up. Women should have a few dresses that can go from work to night relatively seamlessly, says London.

-- Take care of your clothes. No matter what you spent on them, you want them to last. That's what's going to save you the most money in the long run. "Maintaining your wardrobe is really the best investment you can make," says London. "Try and keep your clothes in the best shape possible, to extend their life. That's a return on your investment." That means limiting dry cleaning -- the chemicals can do a number on fibers, so hand wash whenever possible -- and even re-soling shoes. It's very inexpensive -- I recently had seven pairs of shoes and boots fixed up for under $150, much less than it would have cost to replace even a single pair. With reporting by Arielle McGowen