FOXNews.com recently caught up with "Project Runway" and "Tim Gunn's Guide to Style" star Tim Gunn at the Addressing Psoriasis Fashion Show in New York City. During Fashion Week, we asked him to share a few tips for looking fabulous on a serious budget.

FOXNews.com: What is your advice for women who want to fashionable and dress well, but don't have the budget for high-end labels.

Tim Gunn: Oh. I love those women! There are three key elements to getting your fashion right and they are silhouette, proportion, and fit. It has nothing to do with a particular label or its textile or its price, it's those three elements. And it's true for women and it's true for men as well.

I mean I love H&M, but I'm mindful of that fact that those items, because they are so inexpensive, where money is saved is in textiles that aren't of the highest quality, production that's not insuring that those items are going to last very long in your wardrobe especially if you wear it a lot.

But speaking as someone working for Liz Claiborne Inc., and how loatheful we all are about this retail calamity, the silver lining of it is that everyone is mindful of the fact that if there isn't a value for the dollar, and if there isn't something irresistible about the item, why bother making it? Because the days of the $26,000 handbag are thankfully gone and thank god because luxury shopping was like some arcade video game gone wild and 'how much can we get?' and 'how quickly?'

FOXNews.com: Are there still those certain pieces that are worth splurging on?

Tim Gunn: Outerwear, a good trench coat for instance, which can go to the grocery store and can go to the opera. And a good pair of dress pants.

FOXNews.com: What are some other great retailers you would recommend for great style on a budget?

Tim Gunn: I mean I'm wearing Banana Republic right now! I love Banana. Everything at Macy's is on sale, everything at Bloomingdales is on sale ... And I'm a big advocate for online shopping, especially when it comes to sizes, because few things irritate me or disappoint me as much as actually making the trip to the store only to find that they don't have my size!

FOXNews.com: What are some things women should be mindful of in terms of shape and silhouette?

Tim Gunn: Well it's about your own silhouette and proportion. Short-waisted versus high-waisted, people who have long legs versus shorter legs, women whose hips are maybe wider than their shoulders. This is why there can't really be a prescription for it because depending upon your size and shape, it really varies. Just as with our psoriasis winners, they found ways of mitigating pain and itching when it's present, They found ways, in some cases of hiding and in some cases celebrating their plaques, there are ways of using your clothes, for any of us, to mitigate the things that we're not that happy about and accentuating the things that we want to show off. And we saw it on a number of our winners today, this (decollete) is such a beautiful part of most women, they should open it up and show it off and so many women are so inclined to wear either a crew-neck or a boat neck. Also optically, it leads the eye up the face and it's flattering. And a couple of other general things, many people are inclined to wear clothes that are too big for them and the more volume your clothes have, the more volume you appear to have. It's not hiding anything. And I always sing the benefits of a belt, you can take that simple sheath and give it a little bit more shape just by belting it and it gives you another style option.

FOXNews.com: What is the one fashion trend you want to see disappear?

Tim Gunn: Crocs!

FOXNews.com: Which celebrity do you think has the best sense of style?

I'm always talking about Angelina Jolie because as great as she looks on the red carpet, she looks equally fabulous and appropriate, occasion-appropriate, when she's just out driving around and shopping. She's just appropriate. She looks polished, she looks sophisticated, she looks like who she is.