What is a capsule wardrobe? If you're only encountering this term for the first time, it is a collection of timeless clothes and accessories that you combine to create chic and polished outfits. By the very word "capsule," it's meant to be streamlined, consisting of essential pieces women wear on a day-to-day basis. A lot of women attribute it to the chic French ladies who have narrowed down their closet items to just 10 pieces. Yep, you read that right—they have whittled down their closet items to 10 pieces that could be easily mixed and matched.

Once you've identified the key components of your capsule wardrobe (check out our list for ideas), it's time to head to the stores. Here are five tips to keep in mind: