Updated

Celebrity stylist Cristina Ehrlich has dressed a number of celebrities including Amy Adams, Penelope Cruz, Ashley Greene, Kyra Sedgwick and Julianne Hough. She knows that dressing an A-list star for the red carpet is an expensive affair, and while most of the dresses and jewelry are borrowed, celebs can walk the red carpet in millions of dollars worth of wardrobe.

Depending on who the designer is, the dress alone can cost thousands of dollars. Stylists work with various design houses to borrow items that are not only a season ahead, but also unavailable in stores yet. Most designers jump at the opportunity to dress these celebrities because of the press that their brand will receive, as well as the resulting sales.

As for the jewelry, it is not uncommon for such luxury brands as Harry Winston and Tiffany's to loan stylists prized pieces that can cost millions of dollars. These expensive accessories also come with a full-time security guard who accompanies the celebrity — and the jewelry item — to make sure that nothing bad happens to either.

When it comes to dressing yourself for a big event, Ehrlich recommends spending the majority of your budget on a dress that can be worn again. Opt for a classic style that will always be in fashion. For jewelry, if you can afford it, look for a statement piece that can also be worn with various outfits to maximize your budget. And don't be afraid to fake it — there's no shame in wearing a good "CZ" (cubic zirconia). Check out Cristina in the video above.