Seven years ago, when it came time to give the Kardashian girls their Christmas gifts, their mother, Kris Jenner, knew exactly what to do.

“My mom gave the Cartier Panther watch to all the girls in my family on Christmas 2001, my grandma, sisters and me,” Kim Kardashian tells FOXNews.com. “That was the best fashion gift I ever got, because I’ll have it for the rest of my life!”

Click for photos of some of Hollywood's hottest holiday gifts.

Celebrities (and civilians) may be tightening their belts this Christmas, but fashionistas like Kim still need to look stylish — no matter what! So FOXNews.com talked to stars and their favorite stylists to come up with four great tips on when to splurge, when to save, and how to keep the 2008 holidays celebrity-sexy.

Tip #1: Look for "Investment Pieces"

“The thing to remember is that jewelry is an investment,” bling expert Michael O’Connor says. “Higher quality or rarer gemstones retain value better than costume pieces. So in tougher economic times, you still want to buy the best you can afford.”

One of the hottest jewelry designers this season is California-based Dara Dubinet. Catering to celebs like Charlize Theron, Cameron Diaz and Leighton Meester, Dubinet works with colorful raw stones that, she believes, have healing powers.

“Aquamarine creates calm, fire agate ignites passion and topaz emanates compassion,” Dubinet says.

Theron and Diaz recently snapped up Dubinet’s turquoise moon ring and the morganite style in sterling silver. “These rings can elevate the energy in an entire room, make a statement and start conversations,” Dubinet says. “They are the ultimate party accessory, but they’re not for the meek.”

If the big stones are a bit much for you, consider a long, multi-chain necklace. “They're very 'now' and perfect for holiday gatherings,” says Katy Robbins, style expert for ideeli.com, an invite-only shopping website that you are now invited to - just click the link! “I especially love designs by Lee Angel, Gerard Yosca and Candace Ang.”

Petite women may prefer dainty chains. So look for an unusual pendant to add some drama. We especially like the edgy snake charm from the Olsen twins’ line Elizabeth and James, and the quirky shooting-star design by iconic jewelry designer Alexis Bittar. Either one can be layered with other necklaces for a fun, eclectic vibe.

Tip #2: Choose 2-in-1 Gifts

If you're trying to keep the number of presents to a minimum this year, scout out styles that will do double-duty. “I got a fabulous gift from my husband a few years ago,” actress Garcelle Beauvais-Nilon says. “It’s this enormous cashmere wrap. The great thing is that I can wear it with a dress, jeans or use it as a blanket when I’m on an airplane.”

But functional definitely doesn’t have to mean frumpy. Just look at Foley + Corinna’s enormous tote. Measuring 16” by 15”, the shopper is roomy enough to fit work papers, an iPod, and phone. Yet as the sun goes down, the tote actually folds up to become a chic clutch for evening!

Accessories aren’t the only multi-function items. The latest craze? Skirts that double as dresses. Made out of jersey, they’re comfy enough to wear on a Sunday and cute enough to throw on for dinner or cocktails. The best part? American Apparel styles start at $32!

Tip #3: Go Retro

Celebrities are flocking more and more to retro styles (perhaps in a desperate grab at the simpler times of yore?) One of the quickest ways to achieve today's retro look is with a bow blouse from the ‘60s or tie blouse from the ‘70s: especially in plaid. "Plaids are really hot right now,” says celeb stylist Pamela Watson, who has worked with Jessica Simpson. “And they can be added in small ways, like with a blouse or scarf, so they're not too over the top."

Our picks? Lucky Brand’s short sleeve ruffle blouse looks amazing with skinny jeans. And the Victoria's Secret’s version is a serious steal at $38.

If bold prints aren’t your thing, you can try a traditional tie blouse. The style will instantly dress up an old pair of bootcut jeans.

Tip #4: Accessories Matter

“You can turn a T-shirt and jeans into a designer outfit just by adding the right sunglasses, belt, jewelry and handbag,” says ideeli.com's style expert Katy Robbins, who has also worked with Scarlett Johansson. “Exotic skin evening bags are really hot right now. And Carlos Falchi flat python clutches in bordeuax, rose, teal and green are the ultimate gifts.”

Looking for something a little less pricey? Consider one of the under-$100 handbags from Jessica Simpson’s line. We especially like the purple hobo. With short and long straps, it can be worn over the elbow or across the body as a messenger bag.

Another favorite of ours is the skinny bow belt from B-Low the Belt. In colors like fuchsia and chartreuse, the adorable cincher immediately draws eyes to one of the sexiest parts of a woman’s body: her waist!

Top it all off with the most personal of accessories: makeup. “I love the MAC makeup kits in the holiday packaging,” Kardashian gushes. “The travel brushes make them the perfect stocking stuffers.”

Don't forget to go to ideeli.com NOW to join the invite-only shopping site. This is a limited time offer for FOXNews.com fans!