Whatever you want to call it, recession or credit crunch, It looks like there is going to be a lot of budgeting going on.

Which got me to wondering - what are your essential luxuries? The small things that at push you could live without but will be the last thing to go? And what would you be willing to give up so you could keep it?

And I'm not talking about things that you'll compromise on. Giving up your expensive gym for a cheaper one, or swapping Chanal make up for bourjois etc

Mine is probably my hairdresser. I love my hairdressers. I could get my hair cut somewhere cheaper but whenever I have I've been disappointed. If I had to - I'd live on beans on toast for a week so I could afford it. I would hate to give up my gym as well. It's expensive but I go more then I did when I belonged to fitness first, it makes me relax and feel pampered. I would probably give up nice toiletries and live with basic stuff.