Everyone needs a little fashion advice from time to time, so we sat down with style guru Clinton Kelly. The What Not to Wear co-host and two-time author gave us the rundown on what trends are worth investing in, his favorite gift to give and his latest book Freakin' Fabulous: How to Dress, Speak, Behave, Eat, Drink, Entertain, Decorate, and Generally Be Better than Everyone Else.

Check back on Thursday for our giveaway of Clinton's fabulous book!

Natalie Broulette: In this economy, what items should a woman splurge on and what should she save on?

Clinton Kelly: It really depends on your budget. I think that every woman should take a look at her fashion budget and determine from that whether she needs to spend the money on classics or on trends. I would say that in a tough economy, you should think about spending 70 percent of your fashion budget on classics and about 30 percent on trends because the classics are going to keep lasting year after year after year. However, the trends are what's going to keep those classic pieces looking fresh.

I tell women to be conscious shoppers. That is when you're buying something, ask yourself is this a classic or is it a trend, so that you know how long you're going to have it in your wardrobe. I think that too many people shop unconsciously. They just grab stuff and don't think about what it'll go with or how long they'll have it. Generally, if you look at a garment and ask yourself has this sort of been in style for the past ten years, even the past 20 years, like a pencil skirt, like a great jacket, then it's not going to go out of style next year. Something that has been in style is going to remain in style.

NB: What are some trends right now that will have a longer life?

CK: I would say that there are about five big trends right now. The color purple is a big one. Ruffles are a huge trend right now. Vests are a pretty big trend. Plaid in general is kind of big. And then sort of the specialty trench, I'm seeing a lot of right now. All of those things are pretty classic. I think that any of them will stay in style, however you can't pair them all together. I've seen women do a purple plaid ruffle blouse under a vest and under a long trench coat, and that's really fall/winter 2008. I also think these really big ruffles that you're seeing a lot of right now are going to look a little bit dated pretty soon. Any time you see everybody wearing a trend like that, then people get sick of it.

NB: What is the most common fashion faux pas you see across America?

CK: Underdressing. I think that this country has become casual too a fault. You know I get it, I mean we're a casual society. I think there's nothing wrong with casual. I think that you can look really cute and casual, but people look like slobs. So I would say the biggest mistake people make is underdressing. I see people in airports dressed so horribly that I'm surprised they're even willing to leave their house looking like that.

NB: On that note, have you ever worn a pair of sweat pants?

CK: I do have a pair of track pants that I wear only while exercising. I wear them to Pilates. That's what exercise gear is for, exercise. I would never walk out of the house in track pants unless I were actually heading to a track.

NB: Tell me about your latest book Freakin' Fabulous and what made you decide to branch out beyond the realm of fashion?

CK: It's the book that I've always wanted to write. Just because you see me on television doing a show about fashion doesn't mean that my life's all about fashion, not even close. I already wrote a book about style and your body type three and a half years ago with Stacy [London]. I wanted to just write a book about the things I love, and I love the English language, and I love manners and etiquette and doing things the proper way. I love style, and I also love decorating, and I also love cooking. So these are things that I love, and Simon Entertainment asked is there anything you'd like to write about. I said this exact title to them, and they said we'll take it. So it's not a conscious effort necessarily to break out of style. It's just something fun. I think fabulousness is a lifestyle, and I think that too many people will say, "I'm so fabulous. I have a Gucci bag and Gucci shoes and I'm fabulous." That doesn't make you fabulous at all. It means that you've got an expensive bag and expensive shoes. You have to really work at in all aspects of your life.

NB: What's your best, most succinct piece of fashion advice?

CK: If you don't have fit, you don't have style, end of story. You have to learn how clothes should fit you and you can't settle for clothes that almost fit. You could be wearing a $5000 Prada suit, and if it's too big on you, you look sloppy and dumpy, and if it's too small on you, you look like a stuffed sausage. I think it's very possible to have great style on a budget as long as clothes fit you.

NB: What item or items should be on every woman's holiday wish list?

CK: I usually don't recommend that people give clothes for the holidays because fit is so important. I also think that there's a lot of potential to insult somebody when you buy them something, like they're really a size six and you buy them a size ten. Except my favorite thing is to give oversized cashmere as a gift with a letter that expressly states, "You're not to wear this outside of the house. It's for loungewear." I love an oversized cashmere sweater and a pair of pajama pants for lounging around the house. I recommend that everybody do it, and you don't have to get particularly expensive cashmere either. You can buy the cheap stuff and it still feels good. And if it gets stretched out and there's a hole in it, I think that makes it even cozier. Other than that, I would say accessories are probably the best gifts to give. I would say stick to the classics this season, especially in this economic climate.

NB: Should they ask for Freakin' Fabulous as well?

CK: It does make a really good gift I've been told and it's very reasonably priced.

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