Ah, retail therapy. For some of us, nothing beats the rush from handing over our credit cards to cover some shiny but unusable item we've bought on a whim.

But the recession means that even we fashionistas are having to tighten our (wide, primary-coloured, patent leather) belts. It's so depressing we could cry into our Hermès hankies. So what should we do when we get the urge to splurge? Sit quietly in a dark, unheated room in last season's clothes, waiting for the terrestrial TV premiere of Confessions of a Shopaholic?

No. We need to think outside the box. Outside the shop, even. Yes, grab your imitation-Vuitton shopper and count up your pennies – it's time to embrace the joy of the jumble sale.

Luckily, jumbles have moved on from the draughty, tedious affairs of our childhoods – staffed by grandmothers, always starting at some punishing pre-dawn hour, and stacked with endless piles of shrink-wrapped nylon slacks and wholesale toothpaste.

These days jumble sales are positively rock n' roll.

With an open bar, a DJ spinning smooth Brazilian jazz in the corner, and all the homemade cake you can eat, the Wills Moody Rock n' Roll Jumble Sale – started by a London-based arts group - certainly lives up to its title. It also kicks off at a very hangover-friendly 2pm, so you can squeeze in a lie-in and a pub roast before heading down.

The atmosphere is fun and leisurely, making it a bit of a weekend shopping event for bargain hunters who don't want to brave the horrors of a crowded Oxford Street.

The stalls are a riot of colour – most of the proprietors are artful indie types with stripy jumpers and interesting haircuts, but this is by no means some exclusive "scene" event. Everyone is very friendly and chatty, and members of the St Aloysius Social Club (home to the jumble sale), mingle freely with the groovy hipster types. Even the signs on the stalls are casual – "lovely greeny earrings!" and "look just like Elvis with these rhinestone sunglasses (only slightly cracked)".

But it's not all just charming tat – the stallholders have upended their drawers and wardrobes, and the result is a mix of vintage books, last season's high street clothes, paste jewellery, recent album releases and the odd hand-crafted item.

The Wills Moody stallholders trust their punters to have vision (many of the items that are broken, or have lost their pairs, will be spirited away by craft enthusiasts to use in projects) so they don't stack obvious treasures at the top of the pile. The trick seems to be: make a circuit, find something that catches your eye, and rummage. Lather, rinse, repeat.

This is my third Wills Moody jumble sale, and each time I've come away with armfuls of goodies (and a cake-filled stomach) without spending more than £5. This time I've rummaged through uninspiring stacks of grubby trainers, torn jumpers and mouldering jackets and discovered

• A 1960s gold belt
• A pretty green dress
• Three tops
• A fitted leather jacket
• A skirt I admired in Oasis last year

All this, plus a tower of paperbacks and some handmade woollen earrings, has cost me exactly £5.45.

See, you can indulge your shopping whims and be thrifty!

The Wills Moody Rock n' Roll Jumble Sale is held on the third Sunday of every month at the St Aloysius Social Club in Euston. Entrance is free. For more information visit the Wills Moody Jumble page.

Of course, thrifty fashion finds in second-hand sales are nothing new. But jumble sales like this one are proliferating thanks to the recession, because they're a great way to both save and make money.

Check the classifieds in your local paper, or sites like Car Boot Calendar and Preloved to find a jumble near you.