I certainly hope that I have good taste and style. Good taste to me is recognizing the quality and uniqueness of something, while good style is the ability to combine and put pieces together to create a look that you're proud of.
At the moment, with a college-grad bank account, I'm spending a lot of money at H&M and T.J. Maxx, but I do try to limit it and look at care instructions and quality of the product before purchasing.