Cosmetics has been dubbed a “winning industry” in a CNN / Fortune gallery .

The story cites recent retail statistics and a mention of Estee Lauder chairman Leonard Lauder lipstick index theory to explain that, in hard times, women seek out lipstick as a small indulgence.

Now, I am certainly aware that lipstick and nail polish are frequently “on the spot” purchases. But they don’t have to be. With a little bit of planning and paying attention to details, you can make over your makeover kit on the cheap.

Step by step:

1. Open up all your boxes, baskets, tubs and cupboards that hold makeup supplies. Throw out anything you no longer use, or has started to turn strange colors or smell funny. Makeup has a shelf life and old products should be thrown out after a point.
2. If there is anything unopened that you don’t use, that can go in a giveaway pile. But if you used the product even once, it’s not appropriate for giveaway.
3. Make a list of what products you really need or want in your kit. You probably don’t need as much makeup pieces as you may have been used to keeping. I keep only three or four lipsticks in red, peach, pink and beige. Some women keep two shades of foundation, but I stock one bottle of foundation because my skin color doesn’t change with the seasons.
4. Make your shopping list based on the products you are now missing and would really use. It’s probably going to be a relatively short list!
5. Start watching for the grocery coupons, department store coupon codes, drugstore rebates, sales and deals that match up with your shopping list. You can find coupons for Revlon, Cover Girl and other brands of products in the Sunday newspaper packets. You can also use the drugstore rebates you earned for other purchases for a restocking task. Bath and Body Works sales are a great time to pick up favorite scented products or try a new scent. If you have an Avon or Mary Kay rep, ask her for the best way to bundle your purchases and get a deal.