It's officially fall here in the Northern part of the world. We are beginning to see boots and layered sweaters. The first frost is just around the corner. And closets are about to experience the transition to cooler-weather items. This fall the fashion trends call for luxury and richness - items that speak to money and class. To stay current on trends and fashion forward it would be easy to break the bank. But it isn't necessary. You can grab one great item in a couple of the trend categories and then come up with ways to mix and match them throughout the fall season. Want to know what to buy in order to update your wardrobe to include some of the best fall 2012 fashion trends?

Update your closet with these FIVE Fall 2012 Fashion Trends:

• Oxblood - really, oxblood anything. You'll see it in every store and in every clothing type. There are short-sleeved decorative t-shirts from Asos, or this expensive but absolutely beautiful Alexander McQueen biker jacket, or this sheer shirt dress by All Saints, or classic pumps from Ann Taylor or a peplum skirt from Topshop. Ok, really I could go on and on. It's everywhere. Grab one great, re-usable item in Oxblood and make the most of this season's must-have color.

• Leather - While this can be a tricky trend unless you enjoy giving off the rocker-girl vibe, leather (or even good quality pleather) can be worn in a classy fashion. Afraid of going all out? Try something like this leather and denim jacket from J Brand or this leather button-down shirt from Free People. Combine the Oxblood and leather trend in this fitted skirt from H&M. Or go crazy bold with this all leather black dress with exposed zippers from Dsquared2.

• Prints - Forget all the black, gray, brown and navy clothing. You can now go with colorful prints, florals, polka dots, geometric patterns, whatever. Try something simple like this Steve Madden scarf or wild and crazy like this Balenciaga printed skirt. Try floral pants paired with a darker top or a large-patterned dress.

• Stripes - They make a reappearance every couple seasons, but they are everywhere at the moment. There are blue and red striped dresses, vertically striped jeans, slouchy oversized sweaters, and structured blazers. And let's not forget the AMAZING Oscar de la Renta dress that just showed on the runways and can be bought at Neiman Marcus. I love the striped blazer I picked up on the cheap from TJ Maxx. It worked perfectly for my latest interview outfit.

• Metallics -This isn't just for holiday parties and New Year's Eve. Now the metallic look is making its way into everyday wear. Go simple on the rest of the outfit to tone it down if you are unsure about wearing this at 9 in the morning. I'm loving this fold-over messenger bag from Olivia Harris, this bronze pencil skirt from All Saints, and these snake print metallic heels. Or bring the metallic trend into your accessories, like this totally insane high neck necklace from Topshop.

This post originally appeared on Katy's style blog: ModlyChic.