The holidays are fast approaching, which means your wardrobe will need a little something extra special to kick your winter party style into high gear. This season that extra special something is the color red.

Celebrities are shining on the red carpet in anything from vibrant red dresses to subtle pops of red in the form of clutches, shoes and jewelry. Our own resident stylist Melissa Magsaysay devoted a recent article to the color’s power over your fall wardrobe.

Given the attention red is getting this fall, we thought it fitting to feature an outfit with a little punch of the hot color. 

Even if you don’t watch ‘The City’ or any of MTV’s reality shows featuring stylish socialites, you’ve probably seen Olivia Palermo. The 24-year-old manages to show up looking fabulous at most red carpet events or anywhere cameras are flashing.

Palermo was photographed at the N.Y.C. Cinema Society screening of Welcome to the Rileys in a black leather dress, Corso Como yellow pumps, a chunky gold necklace by Mawi and a bright red clutch. Palermo's subtle hint of red spices up her not-so-classic black dress and her necklace gives a nice futuristic twist to the ensemble.

This week we've got some great frugal finds that will get you ready for a season full of holiday parties. This black tunic dress by Merona for Target is a steal at $37.99. It may not be leather like Palermo's but that might make it even better. You can avoid the dry cleaners with a machine-washable polyester and the satin-like bands on the bottom and sleeve hems give this little black dress some extra character. 

The perfect accessory to spruce up any black dress is a piece of chunky gold jewelry like this necklace by Betsey Johnson at Macy's for $38. The textured round links of goldtoned metal are simple but big enough to make a statement.

For the piece de resistance, a red clutch by Forever 21 for $8.80. This is a seriously frugal find. At that price you can buy it in red, black and gold and have a clutch for every occasion. This accessory doubles as a wallet or a clutch, perfect to pair with any party attire.

Palermo chose to go with yellow shoes for her outfit but this ensemble will work with any pair of black or red heels you might already have in your closet.

The grand total, before taxes, is $84.79. With holiday gift shopping just around the corner, you can feel good knowing you'll be stylish and at the very least be prepared financially; preparing mentally is an entirely different story.

Happy shopping.

Have an outfit you're dying to buy, but need a frugal alternative? E-mail us a picture. We're up for the challenge.

-- Jenn Harris

jenn.harris@latimes.com

Photos: (Top) TV personality Olivia Palermo attends The Cinema Society & Everlon Diamond Knot Collection's screening of "Welcome To The Rileys" on October 18 at the Tribeca Grand Hotel in New York City. Credit: Stephen Lovekin /Getty Images  (Middle right) Black Merona dress from Target  (Middle left) Gold necklace by Betsey Johnson at Macy's  (Bottom right) Red clutch wallet from Forever 21

We are pleased that two of our fashion icons are on Forbes'  list of the 100 most powerful women. And how different in style, looks, spheres of influence, talents and so on  can you be than Michelle Obama and Lady Gaga? Go girl power! [LAT]

Steve Madden has upped his investment in Betsey Johnson and now owns the company. [The Cut]

I keep thinking that Diane von Furstenberg is popping up everywhere lately. Now she's just signed a deal for a new beauty line. [WWD]  (Subscription required.) 

Here's another cool costume idea for Halloween (yes, it's just a couple of weeks away and we're tossing out ideas here at All the Rage when we find good ones). Take your inspiration from "Sex and the City 2" and go Abu Dhabi style, with a turban, big gold jewelry, maybe a belly dancer outfit. [FabSugar]

Valerie Plame wore -- what else? -- Giorgio Armani at the Giorgio Armani and Cinema Society-sponsored opening of the film "Fair Game." In the film, Naomi Watts plays the former CIA agent. Sean Penn plays her husband Joseph Wilson. [WWD]

Tamara Mellon plans to launch a Jimmy Choo fragrance line. For some reason, that just seems odd to me. [Elle UK]

-- Susan Denley

Photos: Top, Michelle Obama with the world's most powerful man. Credit: Pascal le Segretain / Getty Images.  Bottom, Lady Gaga performs. Credit: Michael Buckner / Getty Images

Designer Gao Pei is drawing attention to Chinese fashion with a breathtaking couture gown of gold thread that took 15,000 hours to make and went on display during Paris Fashion Week. [WWD]

I've become addicted to InStyle's new fashion game, Instant Stylist. The game gives you an outfit and then has you choose an accessory, shoe or piece of clothing to complete the ensemble. It tells you why your choice was right or wrong (a silk dress needs a structured bag to balance it out; a simple stud earring  looks best with a sparkly short dress). You rack up points and can compare yourself to other players. You can also link from outfits you like to sites where you can buy them. 

Tennis ace Serena Williams has her nail tech license, gave Oprah a pedicure on TV and now is collaborating with OPI on some polishes. [Racked]

Actress Dana Delany, who stars as a doctor in the new series "Body of Proof" (slated to debut on ABC later this month), says she will never have plastic surgery after a Botox injection a few years ago went wrong and damaged a nerve, leading to a slight droop in her right eye. Instead she beats age (and looks smashing) by eating right and exercising. [Prevention]

Paco Rabanne plans a relaunch of its 1969 chain mail bag, in a range of new materials. [WWD] (Subscription required.)

Betsey Johnson chief exec Chantal Bacon is leaving the company after 30 years. [WWD] (Subscription required.)

The model for Lindsay Lohan's 6126 spring collection is sis Ali, all on her own this time. Lindsay's probably been too busy with court dates and such to model for the catalog of retro-glam looks. [FabSugar] 

Bruce Willis appeared on "Letterman" Monday night wearing a toupee made of raw meat. The gag made us gag, and so did Lady Gaga's turn in a dress made of raw meat. Both were engaged in a form of social commentary (and self-promotion) but enough already. [Just Jared] 

Well, thank goodness for photoshopping! Mariah Carey, posing with a fluffy white cat cuddled to her chest in some album art, apparently was deemed insufficiently covered in her strapless dress by Saudi censors. The solution? Photoshop the innocent cat into a giant fluffy blob to cover Mariah up to the chin. [The Cut] 

-- Susan Denley

Photo: Dana Delany.  Credit: Ken Hively / Los Angeles Times

Product designer Philippe Starck has turned to fragrance, and will rework the iconic dooule-dove L'air du Temps bottle for Nina Ricci. The flask was originally designed by Marc Lalique (of the equally iconic Laliques)  with Robert Ricci. Okay, I am wondering: is this an update that is really needed? [WWD]  

Steven Madden eyes Betsey Johnson, as the design firm reportedly defaults on a $48.8-million loan. [WWD] (Subscription required.)

What's the secret to great-fitting jeans? Wash them only every six months, says Levi Strauss' director of brand concepts Carl Chiari, with spot cleaning and airings in a steamy bathroom in between. That's what he does with his 15-pair wardrobe. [Wall Street Journal]

Kardashian news of the day: the sisters add handbags and shoes to their line for Bebe. [People] 

Designer Catharine Malandrino reports on "how I spent my summer vacation," and it sounds way more divine than most: Saint-Tropez, shopping for antique furniture at vineyard flea markets, sailing azure seas, sipping rose on the beach. She hints that this will inspire her next summer collection. [WWD]  

Meanwhile, J. Crew's "looks we love" feature can inspire ideas for terrific fall outfits. [FabSugar] 

A small lot of country singer June Carter-Cash's sleek 1960s wardrobe is up for bid on website 1stDibs. [StyleSectionLA]

Acne has joined forces with Candy magazine to create an androgynous line of clothing specifically aimed at transvestites and cross-dressers. My question: is it really cross-dressing if there is no cross-over? [Vogue UK]

--Susan Denley

Photo:  L'Air du Temps Credit: Nina Ricci

The queen of catwalk cartwheels is celebrating her 67th birthday with an in-store appearance this Sunday, Aug. 23. Customers can meet the designer and nibble on sweets.

Check out the cool invite after the jump

After 30 years designing some of the most zany and memorable looks in fashion, Betsey Johnson is revisiting her past as a designer and launching an archive collection for Fall '09.  Curated by Humberto Leon and Carol Lim of Opening Ceremony, the 35-piece collection of clothing and accessories will reflect Johnson’s eponymous line as well as her Alley Cat and Paraphernalia lines from the 1960s.

I’m expecting to see lots of cabbage rose prints, circle zipper pulls and colorful leggings and am also thinking that now’s the time to bring the old Betsey Johnson items out of my closet and start wearing them again.

The Betsey Johnson Archive collection will be available for fall 2009 at Opening Ceremony NY and LA and at select Betsey Johnson boutiques.

-- Melissa Magsaysay

Photo: A look from the Betsey Johnson Archive Collection curated by Opening Ceremony. Credit: Sebastian Kim