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The hands down, cheapest, most economical way to update your wardrobe is to add a few key accessories- a statement necklace here, a pair of patterned flat there that can take a basic dress from o.k to WHOA. Perhaps the most practical of all accessories is the handbag, which carries everything from your post stiletto flip-flops to your cell phone. But practicality and budget doesn’t have to mean boring and expensive.