Conscious color palette here! I think I was raised to use one. It has shifted over time, and run the gamut. My all time favorite and most consistent colors to wear have been teal, turquoise or Aqua and some shade of coral. Coral is interesting because it runs from very reddish pink to very orange yellow. My coral is reddish pink but still has a warm undertone. To come up with my palette, I visualize a specific image of the beach and ocean, sky and clouds, sea creatures and plants, shells, and sand. It is a picture with depth and movement so there is a lot of color and variability, but I can use the image for shopping, so I don't have to carry swatches.
Since my hair is gray now, I wear less gold, but I still think I can wear gold. My metals are both gold and silver and I like to mix my metals. If I could find any, my favorite neutrals would be aubergine, pewter, stone, and possibly cocoa. They are hard to find. Instead I am using charcoal, grey, medium to light wash denim, and winter white/soft white. The colors in my palette are light, soft and cool. The accent colors I am using at present to complement my neutrals are light Emerald green, light teal, jade green, pink coral, fuschia, watermelon red, sky blue, periwinkle, royal blue/lapis.
It isn't easy to stick with such a rigid color palette. Finding something in the exact color I want, in the right size to fit a tall frame becomes a challenge.
There are certainly other colors hanging in my closet, but they look like foreigners. They stick out and do not play well with the rest of my clothes. I'm not sure how many people use images to keep their palette sorted, but when I walk into my closet, it feels and looks a bit like going to the beach with all the pretty ocean colors and it makes me very happy.