If you're working with a small budget, consider getting your most versatile suit tailored (a navy blue suit comes to mind)
Both are similar in shape and style, and are two of the most timeless dresses I own
I have found many formal 1920s style dresses online that are modern but with enough 1920s style to make them great choices for proms, black tie weddings, galas and other formal occasions (see below)
Seen on Jessica Chastain at the Festival de Cannes 2014
Think thick, solid stripes with non-contrasting colors, like navy and dark forest green
BABYBOO Karlie Gold Dress Karlie Gold Dress NADINE MERABI Berlinnova Women Sparkly Gold Sequin Spaghetti Straps Short Homecoming Dress Lace Up Back Tight Cocktail Party Dress with Fringe Berlinnova Gorgeous Spaghetti Straps Lace Up Sequin Homecoming Dress With Fringe | HOCO Party Dresses Berlinnova US Gold Rhinestone Bodice Appliqu: Sparkling Dress Embellishment Elevate your dresses, gowns, and evening wear with this exquisite gold appliqu rhinestone appliqu bodice