Ask Mrs. Exeter.

Byline: editor: Sally Singer

How to dress on less? Our style maven offers priceless advice for the frugal fashionista.

Question: My friends and I are all under 30, and this is our first recession since we moved away from our parents' homes. Although in public we talk only about the broader socioeconomic implications of the international market crisis, in private, to be honest, we worry about our fall wardrobes. Our careers may be great, but our salaries are so last season. You must have lived through lots of recessions, Mrs. Exeter, and we wonder how the Best-Dressed cope during economic downturns?

Answer: Well, not that many recessions, but enough to have some thoughts on the matter, as do my friends. The history of fashion is not a story of sackcloth. Rich season or poor season, one moves on in life with style, requiring a combination of innate knowing and outward inquiry. Remember, being well dressed has never been a matter of hoarding. It is an attitude long before it is actualized. You don't need lots of money, but you do need fresh ideas. For instance, I bumped into Irena Medavoy the other day and admired her Cartier watch. I hadn't noticed it before and assumed it was new. But in fact, she had changed her gold strap to a white alligator one, "and it became a new watch for a fraction of the price." That is one example of the ingenuity I think is key now.

Even if you are among the very fortunate and still have money to burn, it would be insensitive to turn up anywhere in head-to-toe new clothes that screamed wealth. The trick is to "fill in," for lack of a better expression, to take the trousers from a Valentino pantsuit from two seasons ago and wear them with a crisp white shirt from Club Monaco and a trench from the Gap, so chic you'd think it was Hermes. By the way, Vera Wang's more affordable Lavender label is fantastic! And invariably friends such as Carolina Irving find great pieces at Ann Taylor to add extra mileage to their wardrobes.

Do as Anne McNally does: Invest in one good bag and one fine pair of shoes that upgrade the look of everything you are wearing. "I always have that one fabulous bag that I know I am going to drag along with me everywhere," Anne says.

One of the advantages of being over 30 is that ideally one has gotten through her must-have trendy shopping phase, where little can be worn the next season without looking dated, and now you are building a wardrobe, investing in quality basics, good accessories, and great jewelry. This is the season to adopt a strict, limited uniform of staples--Prada, Chanel, and Oscar de la Renta, to mention a few. "I think it is time for one good buy that you keep wearing," offers Miranda Brooks, thinking Proenza Schouler for herself, "and then one great, bold necklace to make dresses you already have look like something else."