I was contemplating this just today and realized that I spend a LOT more money on accessories than clothing items. As a general rule I don't buy expensive clothes and most of it comes from places like Banana Republic and Express, usually on sale or bought at outlets. However when it comes to accessories, its a whole different story. I adore nice silk scarves, handbags and belts, not to mention jewelry(DH says that I can open my own store with all of the above, but he exagerates a bit...I think).
My philosophy is nice shoes and handbags always make your outfit looks more expensive even if it cost $5. What do you spend your money on?