Yup. Having lost weight, EVERYTHING has to be replaced. Started with underwear (big investment). And have been building from there.
Anne, I have found it helpful to make friends with my consignment and thrift stores. Here is what I'm trying. I'm putting money into the core basic items, such as boots, underwear, etc. I will even spring for premium denim when I find a pair I like, since jeans are such a staple of my wardrobe. In other words, my money is going towards the items I wear several times a week and consider CORE.
In the meantime, I am haunting sales for other good basics (such as a merino turtleneck, layering Ts) and taking advantage when I see low prices.
And to add some fun to the wardrobe, I'm going consignment and thrift. I have managed to stretch my budget considerably that way and buy items that I otherwise would not have been able to afford. Some are perhaps one season items, to be recycled after a year's wear; looks I am trying out, that may not turn out to be "me." Others will actually become real keepers; I've got three great jackets, a pair of boots, and a skirt that I think fall into that category, all at ridiculously low prices. They may not be this season's hottest trend, but they work for me.