Do you love it? Need it? And will it – in the words of my business partner – make you a better person? Credit crunches do not allow for fashion mistakes. A misguided £30 impulse buy might as well be £30 that you hide in your wardrobe, never to be seen again.

If you are one of these compulsive shoppers (like me), there’s only one solution – cold turkey. Like an alcoholic stops going to bars, we have to stop hanging around the high street. As a bolster, adopt a time consuming interest or cause. Market gardening and community work have never been more in vogue, nor do they require new clothes. Start a vegetable plot, enquire about a local allotment, join a local group, find a worthy cause (www.do-it.org.uk) – the options are endless.

Sale shopping can be a minefield. On the upside, there are some great bargains. On the downside, the temptation of the fantastic markdown can be too great to resist. Make a list of the things you are looking for, with specific attention to cost-per-wear – do you really need another summer dress if you live in the UK? And as soon as you get home, try everything on again so you may return any inadvertent mistakes – most stores operate reduced return policies on sale items.

When you do go shopping, think of it as investing. What do you already have in your portfolio (wardrobe)? Will this new stock (pair of silver sandals) enhance it by giving a new lease of life to your other holdings (dresses and jeans) or will they necessitate a whole new outfit? Good investors focus on longevity. Good shoppers focus on the items that really suit them, the pieces that they will wear time and again. As much as I adore it, the fashion industry does prey on our insecurities – how else would they be able to sell a new collection every six months? Resist the ephemeral and work on your personal style; distinguish between items that are merely beautiful and items that are truly ‘you’. The chances are that the most elegant people you know stick to a particular look: Cate Blanchett (classicist), Chloe Sevigny (urbanite), Diane Keaton (tailored chic), Beyoncé (diva), Dita von Teese (siren), Olsen twins (bohemian), Cameron Diaz (beach bunny). In the words of Yves Saint Laurent, ‘fashions fade, style is eternal.’ Be stylish.