Here goes. Starting from scratch, this is how I would build a wardrobe. This is for both the financially-impaired as well as the more fortunate. (click on images to enlarge!)
1. Jeans. Get a pair of black or dark blue jeans that fit your body type perfectly. Find your brand. Mine is BDG from Urban Outfitters. Dark jeans are versatile, can be casual or dressy depending on what you wear them with.
2. Tees. Buy a bunch. I think I buy a new white or grey t-shirt every month. I usually find them at H&M and they are always less than 10 Euro. A good tee looks great on its own, but is also a great blank canvas to start an outfit. I couldn't find pictures of any cheapies I own or like, so these are only the more pricy.
3. Black boots. Heels AND flats. I was lucky in the past months - every pair of boots I bought was less than 40 Euro.
4. Blazer. Black to dress up or grey for fun. Usually, I find blazers at Zara for less than 100 Euro.
5. Leather jacket. Um. Style staple. That's all. I bought mine years ago at Zara (less than $180) and it was probably the best wardrobe decision I made. Ever. (Always check out Zara during sale months - I saw a bunch of leather jackets last month for 30 Euro.)
6. Purse. Ok, granted I'm not really a bag person and I usually buy little vintage purses that I can wear out and dance around in.
7. Accessories. As much as you want, all the time. Jewelry makes t-shirt & jeans very sexy and dressy while pretending to be casually/effortlessly stylish. If you know me, you know I wear a lot, and a lot at once. But I think every piece of jewelry I have (except the ring from my lover, of course) cost from $5-20. (I get bored fast?)