While I cling to the mantra that we should all buy less, but buy better, knowing a few cheap tricks to update your look is always welcome.

The Great British high street is where you will pick up a few perky accessories that make a nod to passing trends without bringing on the guilt factor. For example, just swapping a white duvet cover for a bold bright will dramatically change the look of your bedroom. Or, for a hit of the colour of the season, buy a collection of cheap vases and vessels, then group together for impact. And don’t turn your nose up at the budget retailers — Matalan, Argos and Woolies all have some great on-trend accoutrements.

You can try a bit of basic DIY, too: repaint a chimney breast, the skirting boards, a window frame or even door panels in a bold colour — after all, even the poshest paint won’t break the bank if you only have to use a little.

The same applies to textiles and wallpaper — a little bit of print can go a long way. Use fabric for throws or cushions and wallpaper to update a feature area — it doesn’t even have to be a whole wall. For instance, be brave and apply an off-centre stripe of pattern. It sounds radical, but it will look fabulous. B&Q is always worth a look for its affordable wallpaper, and Ikea has plenty of ridiculously inexpensive fabric (from just £1.49 per metre). It’s just a start, but it is proof that cheap can be chic.

Couture Collectibles

Now for something sublime. It is often said that true luxury is recession-proof, and the heritage porcelain manufacturer Nymphenburg will certainly be hoping this is the case. It has just brought out an update of 16 of its classic commedia dell’arte figurines, dressed by some of the coolest fashion designers, including Viktor & Rolf, Vivienne Westwood, Christian Lacroix and Gareth Pugh. Each is priced at a breathtaking £9,950, but, if you do decide to invest, you will be at the collecting cutting edge. The complete collection can be seen at nymphenburg.com.

Times recommends

• Interior design: It's time to end our craze for open-plan living
• How to make cool bedrooms for kids
• Inside Zaha Hadid's East London apartment