The idea behind choosing colors is so that the items in your closet can all go together in a cohesive manner, which will also help you make the most of your clothing.
Audrey uses this color wheel from Academichic to illustrate some points on color theory. Check out Academichic and Audrey's blog for more information about color theory.
Audrey suggests choosing 1-2 neutrals as a base for your wardrobe along with 2-3 accent colors.
Choose 1-2 neutrals for basics: Choosing just one or two neutrals for basics is really hard for me. I love neutral colors, and am very drawn to them. I can definitely say, however, that my primary neutral is black. I find black easy to work with, and I like the striking contrast it makes against so many other colors. I'm also, however, drawn to some browns (camel and cognac) and gray as well.
Choosing a color palette: As for colors, I'm definitely drawn to blues (navy blue, teal, cobalt), purples (particularly plums and dusty purples), and greens (olive, lime). These hues are rich and cool at the same time, and I love how all of them pair with my beloved neutrals. I tend to like jewel tones. As an accent, I also like coral and pink!
via Pinterest (I can't find the original source...)
There you have my favorite color combinations and the palette I try to stick to as I shop. I do have warm colors (both dark and deep reds) in my closet as well, but the colors I tend to be drawn to are shown above.
What colors are most prevalent in your closet?