When is it worth spending more? And when will the less expensive option do the job just as well?

Lorraine Shailer, director of retail at The Shops at Hamilton Princess, gives her verdict on where to spend and save on your wardrobe, while Jalen Harvey, commercial manager at Bacardi, tackles dining, drinks, travel and experiences.

Lorraine Shailer: The wardrobe

Jeans: splurge

Finding the right denim fit takes time and effort, so once you find it, you want something that will hold its shape wear after wear. The exception? If you're trying a new trend or seasonal shape, opt for a less expensive version until you know it's a trend that's going to stick around.

Everyday shoes: save

Everyday shoes need to be comfortable and good quality, but they don't need to be super expensive. Given the wear and tear they're going to experience, spend enough to get a certain standard of quality and save the real splurge for occasion or going-out shoes.

Handbags: splurge

A good-quality handbag can stand the test of time both in style and wear, particularly when it's looked after. Handbags are also an everyday essential for many people, so choosing something that works for you and your needs is worth the extra spend.

Sunglasses: save

Controversial perhaps, but save. As long as they offer the right eye protection, there are plenty of great brands offering stylish sunglasses that don't cost a fortune.

Workwear: save

You can get great workwear without spending a fortune. The important thing is making sure your outfits look polished and put together. You may want to spend a little more on a few key pieces, but completing those outfits doesn't need to cost the earth.

Occasion ware: splurge - to a point

An outfit with a wow factor or something for a special occasion can be worth spending a little extra on. Better or more delicate fabrics and detailing often come at a higher price, and when those details aren't done well, they can look cheap.

Swimwear: splurge

If it makes you look and feel great, splurge. Swimwear can take hours in the changing room to get right, so when you finally find something you love, buy it.

Worth investing in: Ms Shailer's three wardrobe investments are a good blazer, a cashmere sweater and good-quality tailored trousers in black or cream.

Where are we spending too much? The white T-shirt. “You can get some good-quality options without the splurge, especially as these are often subject to stains, yellowing and getting dingy in the wash.”

Jalen Harvey: The lifestyle

Special occasion dinner: save

Some of my most special dinners have been cooked at home. There's no more fun way to spend the time than having a dinner party where everyone prepares the food together.

The cooking and prep is the fun. And when the food is on the plate, you have no shortage of love and laughter included in the base ingredients.

Wine or champagne: save

I'm no wine expert. I'm a simple guy when it comes to wine and champagne, and in my experience the price tag has rarely matched my preference, unless we're talking really cheap stuff. Maybe somewhere in the middle.

Cocktails on a night out: splurge

Now this is my expertise! The right cocktail paired with the perfect occasion, you just can't beat it. Choosing a quality base spirit can make or break the flavour of your cocktail.

Hotel rooms: save

I'm a traveller, not a vacationer. A great vacation for me means my room is only a place to rest my head at the end of the night and a safe place to leave my belongings.

Flights: save and splurge

Save on the way out. Splurge on the way home.

Travel experiences: splurge

This is what travelling is all about. I want to experience what a destination has to offer: nightlife, thrill-seeking excursions, history and dining.

Concert or event tickets: splurge

If I'm going to see my favourite artist or team play, I want to be up close and personal. I've sat courtside at NBA games and front row at a Jhené Aiko concert where she sang to me at one point. There's no going back to the nosebleeds after that.

Bedding and linens: splurge

I'm big on textures, so I want my bed and bedsheets to feel like the five-star hotel room I saved on.

Also worth the splurge: Splurge! But just once. Good cookware should last you almost for ever. And it’ll make a world of a difference when you cook.

Where are we spending too much? Designer shirts, trousers and sneakers that go out of style soon after anyway.