
TO SAVE or to splurge: that is the question. But the concept of splurging is a relative one. After visiting several of the city’s most luxurious boutiques (and being presented with a “steal” of a pink crocodile handbag for the bargain-basement price of $3100), we learned that a splurge to some is small potatoes to others. When economic times are tough, though, even the most frivolous of shoppers show a more conservative side with their spending. So what would your fairy godmother say if it were your big night out on the town — your time to feel like Lindsay Lohan or Paris Hilton? If she’s a smart one, she’d say “Live it up, look fabulous, but be sensible.” Opt for the perfect little black dress and a clutch and jewelry that you’ll pass on to your children.

Van Cleef & Arpels Lucky Alhambra bracelet, $2900 at Dorfman Jewelers (24 Newbury Street, Boston, 617.536.2022).
Judith Leiber clutch, $2495 at Neiman Marcus (5 Copley Place, Boston, 617.536.3660).
Miu Miu dress, $1540 at Barneys New York (Copley Place, 100 Huntington Avenue, Boston, 617.385.3300).

René Caovilla slingbacks, $1160 at Neiman Marcus.
[Photos by Michael Diskin]