One minute the style gurus are telling us to buy "investment" cardigans and "forever" coats, the next to purchase fake-suede boots from New Look. I'm not sure how I should shop to future-proof my wardrobe and my finances.

We seem to have a much clearer idea of how much money to spend on our cosmetics. Whatever the economic weather, British women remain as committed as ever to filling their bathroom cabinets with promises of youth and beauty.

A study released by Ponds today says just over a third of British women are spending £20 or more a month on their skincare, with £14 the average. It also says we are looking for versatile products with simple ingredients. Another study reported this week, by cosmetics website feelunique.com, says 29 per cent of women would scrimp on their food bill to keep up their beauty regime.

I do think it is worth cutting a few corners on the grocery bill to splash out on moisturiser if you are over 30, but it doesn't have to be silly money.

There are some stupendously good anti-ageing skincare products at the ultra-luxurious end of the beauty market. I am sad that my WWcream from 3Lab (£275, at Selfridges; 0800 123 400) is about to run out because it really did get my skin into optimum shape - but it was a one-off.

The most consistently great skincare products are a fraction of the price, in the middle of the market. Clinique's Dramatically Different Moisturizing lotion (£26; clinique.co.uk) is a bestseller for a reason. Liz Earle's products are excellent - Superskin moisturiser costs £11 (lizearle.com).

Does anyone still use toner? I don't. You could probably strike it from your regime and replace it with cold tap water. A posh cleanser is nice, but going cheap won't ruin your complexion. Ponds Cold Cream Cleanser (£3.99) does a good job - and it's kind to dry skin.

There is a growing trend for hi-tech body lotions and handcreams among the manufacturers. Crème de la Mer's Body Crème is one of my favourite treats (£160; cremedelamer.co.uk), but it would be a costly habit if I used it every day. Palmer's Cocoa Butter (£3.19) or Vaseline's Intensive Care Lotion (£2.49) both work very well. If you want good quality organic skincare, you needn't have a Gwyneth Paltrow-sized budget. Weleda (weleda.co.uk) offers great quality - usually for under a tenner. The Wild Rose Day Cream (£8.95) is ideal for sensitive skin.

Foundation is something you shouldn't scrimp on. However, if you have a good match (nothing else will do), you should be able to apply it merely to the trouble spots - typically down the centre of the face, eyes, chin and nose - and still look good. The make-up artist Charlotte Tilbury showed me recently that blending your foundation with a little moisturiser can work a treat. Mac's Face and Body (£23; maccosmetics.co.uk) is good for this. If you want a Rolls-Royce foundation for special, flawless-faced occasions, By Terry's Lumière Veloutée (£50; spacenk.co.uk) is marvellous.

I don't think you need to spend pots of money on mascara. Max Factor and Revlon have some fantastic ones and Maybelline's Great Lash Mascara (£4.99) is still what is found in supermodels' clutch bags. I don't see the point in spending lots of money on the latest hot nail colour, either. They have become a fast track to updating your look but, if you are applying it yourself, the chances are it won't last long whether you spend £2 or £20. Mavala has a vast and regularly replenished colour selection for £3.75 a pop (01732 459412).

Hair is a tricky one. If you have straight, healthy, untreated hair, you can probably maintain it with a good quality supermarket brand such as Charles Worthington and Tresemmé. If your hair is processed, frizzy or simply plain difficult, I'd say splash the cash.

I don't enjoy recommending pricier products to friends, but I have only received thanks and praise for putting my pals on to Kérastase, the salon brand with a product for every hair type under the sun (from £13). Having said that, John Frieda's relatively cheap range is excellent. I have loved Frieda's Frizz Ease products for many years and recently tried the Brilliant Brunette Lustrous Touch Shampoo and Conditioner (£5.49 each), which are wonderful.

Luckily, "done"-looking hair is going out of fashion. It is not cool to look as though you have just stepped out of the salon. Don't spend money on blow-dries but, if your hair's hue is not natural, do stretch yourself a little for a good colourist. A bad dye job will depress you and then you'll spend too much on shoes, cakes and wine to cheer yourself up.