The scene at The Budget Fashionista's 5th Anniversary party in NY: Kathryn poses with BB on the pink carpet; my fashion-savvy friend Stacy strikes a pose; How to Look Good Naked's Carson Kressley and BB; TBF's peeps worked the party wearing "Frugal is the new black" tees. Love it!

On Monday night, I had the honor of meeting my fashion blogging idol, Kathryn Finney aka The Budget Fashionista, who celebrated the 5th anniversary of her amazing blog with a bash at the Housing Works Thrift Store in Chelsea. It was what Oprah might call a "full circle" moment because I've read Kathryn's book, and have been reading her blog for YEARS, and have long admired her dedication, intelligence and well-deserved success. Needless to say, I was giddy when I spotted her, looking fabulous in a head-turning feathered hat and dramatic black jacket, but she instantly put me at ease with her genuine, gracious demeanor. I asked Kathryn about the key trends we budget babes should be looking out for this fall. Here, Kathryn shares 5 ways to update your wardrobe without spending a small fortune:

Plaid: This fall favorite is back in a big way, Kathryn says, which is great news for gals on a budget: Hit up your local thrift store where plaid is always in stock.
Gray: A great alternative to black, gray is a "kinder, gentler neutral," says Kathryn.
Purple: Perfect for just about any complexion, purple is a popular, wearable hue for fall.
Shoe boots: Shoeties, booties, whatever you want to call them - Kathryn says the "shoe boot" is the "it" shoe for fall. Find budget-friendly takes at Target and Payless.
Wide-leg pants: A pair of great fitting, full-leg trousers does wonders for the backside and helps lengthen the legs.

Congrats to The Budget Fashionista crew for five fabulous, frugal years...and here's to many, many more!

>> Read Kathryn's blog at www.thebudgetfashionista.com