Save on: Trendy handbags
Why: These are a fun way to update your look, says Clinton Kelly, co-host of What Not to Wear on The Learning Channel, but by definition they’re not going to be in style for long. Save money by looking for bags made of inexpensive materials like fabric or imitation leather. Retailers like Target, Payless and Kohl’s carry many up-to-the-minute styles at reasonable prices.

Splurge on: Classic shoes
Why: Shoes, especially ones you wear day after day and expect to wear year after year, are worth the expense. Opt for leather, as opposed to pleather, because it lasts longer. Look for cushioning or padding under the insole and ball of the foot — these create a more comfortable shoe. And check how supple the footwear is; softer leather feels better on your feet. To make sure your investment won’t look dated soon, go for a traditional style like loafers or pumps.

Home Accents

Save on: Throw pillows
Why: Want to freshen up your living room for just a few dollars? Strategically placed throw pillows in fresh colors can really update a room. When you want another change, you can keep the pillow inserts and just buy new covers. Pier 1 Imports, Target and West Elm are good sources for well-made, gorgeous pillows.

Splurge on: A large mirror
Why: Great to fill up wall space, mirrors often can help small, cramped rooms feel larger. They are worth spending a little more on because they will last for decades.

Electronics

Save on: Portable music player
Why: Yes, iPods are still the most popular type of player. However, if you’re not brand-conscious, you can get a great MP3 player — often with more features, such as a built-in radio and dictation-type recorder — for less, says Tom Merritt, executive editor for cnet.com His suggestion: Creative Labs Zen Nano Plus, $62, zipzoomfly.com

Splurge on: Digital camera
Why: Selling for $200 and less, today’s digital cameras are a bargain compared to just a few years ago. Merritt recommends two: the easy-to-use Canon PowerShot A550, $129, amazon.com, and the powerful Sony Cybershot DSCW55, $200, amazon.com. Tip: Before buying any electronics, consult online comparison-shopping sites like bizrate.com

Beauty Products

Save on: Eye makeup from the drugstore
Why: There’s often very little difference between the high-priced products that practically promise to turn you into a supermodel and their drugstore counterparts, says Paula Begoun, founder of cosmeticscop.com and author of Don’t Go to the Cosmetics Counter Without Me. The reason: Mass-market manufacturers like Revlon and L’Oréal have the funds to do the research needed to develop products that really deliver.

Differences in quality are especially small for eye makeup; some brands, like Maybelline and Cover Girl, produce mascara that professional makeup artists actually prefer. (Begoun likes Maybelline Volum’ Express Waterproof Mascara, $6.) Similarly, most eye pencils and eyeshadows on drugstore shelves will pretty you up as nicely as their more pricey counterparts — and because they’re cheaper, you can buy more to play around with!

Splurge on: Foundation from department stores
Why: You’re more likely to find a shade that’s a good match if you can try a product on with the help of a department store makeup specialist. The pricier products also feel more luxurious, thanks to high-tech ingredients, and many provide extra benefits. For instance, Estée Lauder Resilience Lift Extreme Ultra-Firming Crème Compact Makeup SPF 15, $34, esteelauder.com, helps firm your skin, and the micro-mirrored particles in Clinique Perfectly Real Makeup, $23, clinique.com, make your skin appear more even — and younger.