Do you think fashion is overpriced? It’s heavenly to look at, of course, but, with crashing markets, redundant bankers and most of us saving up to shop at Sainsbury’s, suddenly a designer price tag of £1,000 feels wrong. Yet, in the past two years, buoyed by City bonuses, the rise of the mega-rich and our insatiable desire for label accessories, prices have rocketed. Even shoes, once the go-to entry point for designer brands, are now out of reach — yes, those Oscar de la Renta boots are the perfect finishing touch to Gap’s peg trousers, but at £635 we will be saying no.

So how are women bridging the gulf between their budget and their desire for fashion?

Jaime Winstone, 23, actress

Fashion can be very overpriced, so I buy the odd expensive piece and mix it with cheap fashion from independent stores. I’m not a bargain shopper — I think stores like Primark are overwhelming — you just end up buying a load of cheap clothes you don’t really need. Equally, I am not a fashion victim. A lot of people would tear off their arm to get a particular expensive bag, and I find that really scary. I love Luella, because it’s sexy, top quality and not too extortionate. I got amazingly lucky with some red croc-skin Vivienne Westwood boots recently — there were only two pairs left in the shop and, because I’m a size 3, it’s gold dust when you find a great pair of shoes. Lately, I’ve been shopping at fancy-dress shops. I got some great high-waisted baggy check pants from one that look amazing with black shoes and a plain vest — I haven’t taken them off. My boyfriend, Alfie Allen, got a head-to-toe PVC suit there for £1. He wore it to a festival and because it was waterproof, it was brilliant.

Mock-croc boots, £99, from Dune. Chequerboard jeans, £40, from Topshop. Knit jumper, £180, by Luella

Tania Wade, 39, director of Maison Bertaux cafe and gallery

I preserve my clothes and wear them over and over again. I bought these Agent Provocateur shoes, because if you have glam shoes and a nice handbag, then your clothes can be a bit rougher around the edges. I tend to mix jackets and belts that I inherited from my mum with Vivienne Westwood and cheap shirts. I love Zara — I recently got some fancy silk shirts in different colours. I bought a pair of Miu Miu shoes when I was wandering down Bond Street, feeling a bit down. They were the last pair, a size 4. I’m a size 5, so I had to have them stretched. I did think, ‘I’ve got children, what am I doing buying expensive shoes?’, but then I felt a million dollars when I put them on.

Silk shirt, £35, from Gap. Shaggy coat, £150, from River Island. Patent-leather platform heels, £95, from Agent Provocateur

Lulu Kennedy, 38, director of Fashion East

Money has never really bothered me. I buy things if I fall in love with them. Even when I was a student, I would get my grant and go straight to Browns and spend it on a Martin Margiela coat. Then I would live on beans and toast. Recently, designers have become much more conscious of cost and are doing everything they can to keep prices down. I love the high street as well. I shop at Topshop a lot. I like to go on a Saturday afternoon, when it is packed full of teenagers; I love the hysteria. I bought this amazing Meadham Kirchhoff dress there recently and have worn it to loads of fashion parties.

Long dress, £95, by Meadham Kirchhoff, from Topshop. Zip dress, £1,075, by Louise Gray, from Liberty. T-shirt, £14, from American Apparel

Tiffanie Darke, 36, editor of Style

There has been a real change in what we perceive as value now, and how much it feels right to spend on clothes. When I saw the new collection for Whistles over the summer, what really swung it for me was the price point — original clothes at affordable prices. If you look carefully on the high street, you can find real quality. This French Connection dress is made of brushed wool so soft it feels like cashmere. But what’s really turning me on right now is making things. I noticed all these chic buyers on the front row wearing their statement necklaces, and they just looked easy to make. There is a fab bead shop in Neal’s Yard in Covent Garden — I strung some on a ribbon for £7. How’s that for DIY Marni?

Bead necklace, £7, from Bead Aura; 020 7836 3002. Grey dress, £85, from French Connection. Posey dress, £140, from Whistles

Sophia Hesketh, 23, stylist

Ready-to-wear fashion may as well be couture now, it’s so expensive. If I were rich, I would buy lots of it, but, as it is, I save up and buy one designer piece now and then that will last me for ever. I am cutting down on high-street shopping because I can’t seem to leave a store without spending £100, and I’d rather save that money for something special, such as these Nicholas Kirkwood shoes. I had a feeling a Balenciaga jacket I fancied would go into the sale (it was so expensive), so I saved up, got it half price, and now I wear it all the time. I love Urban Outfitters — their stuff is more original than other high-street stores’.

Check shirt, £28, from Topshop. Black Balenciaga-inspired jacket, £110, by All Saints. Lattice heels, £470, by Nicholas Kirkwood, from Browns; brownsfashion.com

India Knight, 42, columnist and author

I think lots of us have a problem with super-cheap fashion — if it’s been made by children paid 2p a week, it’s a lot less attractive. Cheap clothes don’t last and rarely look good. On the other hand, designer fashion is completely overpriced, and the only people who now wear it top-to-toe are Wags. My natural inclination is to buy mid-range, good-quality pieces and team them with cheap accessories. I bought my tunic from my local boutique, Anna, in Primrose Hill, London, and it will last for ages without going out of fashion. These M&S shoes are a brilliant buy — they are so comfortable and cheap.”

Ballerina slippers, £19.50, from Marks & Spencer. Knit tunic, £89, by Et Vous, from La Redoute; laredoute.co.uk. Court shoes, £45, from Marks & Spencer

Times recommends

• Who killed Jade Goody?
• Daisy Goodwin: This is better than real sex
• Foods that can help to prevent swine flu