Fashion was at the forefront during New York's Olympus Fashion Week. Designers like Michael Kors, Narcisco Rodriguez, Monique Luihllier, Douglas Hannant, Jennifer Nicholson, Pamela Rolland, Bill Blass, and many more, put their best foot forward on the New York runways. Several famous faces came out to view the latest fashions. Kathy Hilton was seen at the shows, along with daughter, Paris, with chihuahua Tinkerbell in tow. Beyoncé Knowles and her mother also made cameos. Jerry Seinfeld and wife, Jessica, Janet Jackson and Jessica Capshaw were also spotted on the sidelines. Harry Belafonte modeled for Kenneth Cole's hot new line and Kimora Lee Simmons and husband, Russell Simmons, featured their new children's line, Baby Phat, modeled by their daughter, Ming Lee. Even Donald Trump made an appearance to see his new wife, Melania Trump, receive an award from M.A.C. Cosmetics.

While the newest styles sashayed down the runway, POWER Magazine took note of the hottest trends to put together the Fashion Forecast for 2005:

1. The' 70s shearling style is still going strong in 2005, but make sure not to wear your Uggs with everything! Jeans, cords, casual skirts - sure… but keep them away from formal wear. Also, move beyond your boots… check out the latest shearling coats, hats, and bags to match!
2. Following the nature trend, the moccasin is back! Comfortable, casual, and cute, slip in to this latest craze.
3. Along with the shearling and moccasin fad, fur is the fave of the season! Nothing compares to wrapping yourself in something furry and elegant! You'll stay warm as well as en vogue!
4. Velvet is here again. Keep your eye out for sophisticated blazers in midnight hues of dark brown, or black. Slip the velvet over a shimmering silk blouse or cute cami and you'll be all glammed up and ready to go!
5. Pointed heels are so 2004! This year, rounded toes made their way down the runways.
6. We knew the poncho was a big hit. So, it shouldn't be a surprise that draping yourself with a shawl is still a great way to stay warm and look good. Break out those beautiful pashminas and wear them with pride.

In light of these latest styles, here are some tips on how to stay trendy but avoid breaking the bank. Here are a few ways to look like a million without having to spend it!

1. Shop seasonal sales. Pick up versatile numbers like winter coats, leather jackets, and bathing suits at the end of the season.
2. Use the money you save to indulge in the latest trendy accessories like the brooch or shawl. A relatively expensive handbag or gorgeous shoes can really polish up an old outfit!
3. Avoid buying fabric prints- flowers, stripes, paisleys, whatever! They're too memorable to last for long. Stick with solid colors and mix and match. If you simply can't resist, pick up just one fun, inexpensive printed piece, and mix it with you other wardrobe staples.
4. Take inventory before you shop. Figure out what you really need and what you really don't need. If your weakness is a "cute black top" then take a look at all the ones you already own before you hit the store.
5. Steer clear from "outfits" that look too contrived. Stick to separates that work well together, except in the case of the well-cut suit.
6. Get a cute haircut! It'll kick up your style an extra notch and put a new spin on anything you own.