"You don’t have to spend movie star money to get the movie star look," says Fashion and Beauty Editor of Star Magazine, Tara Kraft.

This Academy Awards season, the red carpet look is sleek and elegant with a hint of glamour according to Kraft. You too can have clothing and accessories worthy of Reese Witherspoon and Charlize Theron.

Signature tinsel town accessories and elegant wardrobe staples can help make a great first impression whether you’re out on the town, on a date or going to a job interview. Kraft recommends gold or silver strap sandals, high heels and faux diamonds to give a kick to the classic T-shirt and jeans combo or to top off your favorite little black dress.

"Diamonds never go out of style," says Kraft. With diamonds at their peak of popularity, good quality faux diamonds aren’t hard to find. Accessory specific stores like Claire’s are a great place to find picture-perfect, faux diamond necklaces, earrings and bracelets.

Looking for a specific outfit or dress that rocked the red carpet? You can often find designer knock-offs on websites like avsstyle.com or better yet, find the exact outfits at discounted prices at Yoox.com. Though these items might be a little more costly, simply investing in a few key pieces is often more than enough to add a little spice in your life. You can even mix and match designer pieces with what’s already in your closet to create an elegant and original style that’s all your own.

Confidence is key and the one thing that money can’t buy, so be sure to only purchase clothing that will wear well, is comfortable and will not require constant adjustments. Emphasizing your best traits and camouflaging the negative can be the difference between risking wardrobe malfunction and being the ultimate beauty queen. "If you wear it right, you will look like a red carpet princess," says Kraft.

For more tips on how to achieve the perfect celebrity style, check out the Style Network and E! Network’s "The Look for Less."