Elegant Party Looks For Less

Looking for the perfect New Year's Eve outfit? Mandi Norwood, editor-in-chief at "Shop, Etc." magazine, appeared on The Early Show to introduce some fabulous looks that are still available in stores. In our Chic on a Shoestring segment, we compare the lower-priced outfit that's a "steal" with the high-end version that's a "splurge."

The Dress Lookcolor>
A black strapless party dress with a fit-and-flair silhouette. It's feminine and flattering, and works well for most body types. This is a classic Audrey Hepburn style that can't go wrong.

Splurge:
Banana Republic tulle party dress: $168
Stuart Weitzman silver strappy sandals: $225

Grand Total: $393.00

Steal:
Love Tease by Rampage party dress: $80
Michael Antonio silver strappy sandals: $45

Grand Total: $125.00

What's the Difference: The tulle on the more expensive dress is silk. The lining on the Rampage dress is of lower quality. The tulle is stitched better on the more expensive dress.

The Pants Lookcolor>
If you don't want to wear a dress, elegant pants are an alternative. Pair black textured pants with a silver top for a chic combination. The texture in the pant fabric adds unexpected interest, while the silver is a dash of elegance and whimsy. The turtleneck may seem conservative but the shine takes it up a notch; the sleeveless look shows some skin but isn't overly exposed. You don't need a lot to sparkle for this outfit. You might add faux-diamond earrings or a bracelet.

Splurge:
Ann Taylor black tone-on-tone pant: $118
Lauren by Ralph Lauren lurex silver sleeveless turtleneck: $129
Stuart Weitzman peep-toes shoes: $335

Grand Total: $582.00

Steal:
NY + Company black textured pant, flat front, creased leg: $44.50
Vertical Design silver sleeveless turtleneck: $35
Steven by Steve Madden peep toe shoes: $130

Grand Total: $209.50

What's the difference: The "steal" pants are polyester and cotton, and are unlined. It's a great silhouette, but there isn't a lot of tailoring going on. The splurge pants have back flap pockets, front coin pockets and belt loops: the tailoring is extensive. They're also 100 percent silk and are fully lined. The top is silk with lycra for a bit of stretch and give. The metallic threading is silk, so it isn't scratchy on bare skin.

The Skirt Lookcolor>
This dolled up outfit is certainly the party look, princess-like and precious. Think long dinner and celebration afterwards. This champagne-colored shell and shiny skirt look classy and effortless. A big cocktail ring is all you need, says Mandi. Shoes in a matching color give your body a longer, leaner look.

Splurge:
Tocca pleated shiny skirt: $242
City DKNY beige shell with embellished jewel neck: $99
Round-toe pumps: $335

Grand Total: $676

Steal:
Josephine Chaus wool shell with embellished neck: $49
Josephine Chaus box-pleat skirt: $79
Round-toe pumps: $48

Grand Total: $176

What's the difference: The "steal" look has sequins, while the luxe version has stitched-on beading. Both are embellished but the higher-priced version has more and better-quality beading. The material is higher-quality, too.