Yesterday, I made a purchase that I’ve been considering for about a month. I bought a new pair of shoes. These aren’t just any shoes, either. We’re talking about the most expensive pair of shoes I’ve ever bought.

I paid $85 for my new footwear. I realize that doesn’t sound like that much for shoes to some people. But I’m used to buying my shoes at Target. My feet are small enough that I routinely buy my shoes from the kids’ aisle, an area with even lower prices than than the already cheap options such a store provides.

My last pair of shoes are pretty much unwearable now. I paid $15 for them a year and a half ago. The bottom of my shoes are now broken in half, the padding in side the shoes has worn away and I need to replace the shoelaces, again. Looking at these broken down shoes, I finally understood the idea of paying for quality. Sure, I only paid $15 for my shoes, but I pay $15 every year.

For my new pair of shoes, I chose a brand name that is known for durability: Dr. Martens. This isn’t an endorsement for the brand in particular, but I know people who have worn the same pair of Doc Martins for the last decade. I only need to wear mine for a little more than five years to beat my current shoe expense.

I’m more than willing to admit that I get caught up in short-term frugality. I’ve bought cheap shoes, rather than investing in a good pair that will last me. But that short-term frugality isn’t always the best solution for my long-term financial success. Even setting aside the question of long-term cost, there are other factors that I really ought to take into consideration:

• How much time have I spent over the years shopping for new shoes?
• How bad for my feet are walking in these cheap shoes, especially after they get broken enough that I start worrying about buying a new pair?
• How poor of an image do I put forward with shabby shoes?

I’ve approached other purchases in the same way. I’ve gone to the dollar store to pick up all sorts of things, only to have to replace them a few months later. Even if you don’t consider the environmental issues that go along with treating durable consumer goods as disposable, I’ve probably spent a lot of money over the years just so that I could save a few bucks immediately.

For the sake of my finances, I’m working on choosing better long-term options when I need to make a purchase. From apparel to appliances, I’ve discovered that doing a little research helps me make sure that my purchases will last past the end of their warranty. There are a few cases where I still feel okay about buying the cheapest option available, but, in general, I’ve come to the conclusion that quality is worth the price.

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It’s always nice to get a little cash. Maybe you got a bonus at work, maybe Grandma sent you a birthday present or maybe you won the lottery. Once you’ve got the money in your hands, though, you have to decide just what you’ll do with your windfall. I’d suggest sending it my way, but I think that these five tips will help you more in the long run:

1. Set up an emergency fund. Emergencies do happen, and it’s always good to have a little spare cash on hand. It can be hard to build up a rainy day fund when your paycheck barely covers your day-to-day bills, but unexpected cash can build up your fund quickly.
2. Pay down debt. Debt costs more than it’s worth in the long run. The more that you can pay now reduces the interest you’ll have to pay later — and that holds true for ‘good’ debt like student loans and mortgages.
3. Save towards a goal. Big goals, like retirement and college for your kids, take plenty of savings. Every penny you can add bring your goal a little closer. The same holds true for smaller goals, like that big-screen tv you’ve been eying.
4. Spend it. While one of the easier ways to build wealth is reducing spending, sometimes there really are things that you need to buy. It’s better to spend your windfall than put it on your credit card, at the very least. And if you get good value for your money, spending it is a perfectly respectable plan.
5. Use it to earn more. If you’ve got a windfall that you don’t need for anything else, consider putting it to work for you. If you have your own business, you might be able to invest in some new equipment. You might also be able to invest it in other companies through stocks and other earning instruments.

Out of these suggestions, I’d like to recommend my personal approach. Any time I have a bit of a windfall, I like to handle it in the following manner: I set aside 10 percent as ‘fun money.’ Depending on how much I have, it may not be enough for much more than a paperback at the local bookstore, but I do feel it’s important to reward myself for my hard work. I might also put my fun money towards a bigger purchase — it may go into a savings account earmarked for a vacation, for instance.

I know that many people will set aside 10 percent for some sort of charity. While I don’t always do so, I think it’s a decision worth considering. I would also recommend setting aside enough to cover taxes. Whether or not you think the IRS should get a chunk of your windfall, the IRS is the one that gets to decide — and they always decide in their favor.

This pie does start feeling like it’s been sliced kind of thin at this point. I always decide on one — and only one — place to put the rest of the money. I might put it in my emergency fund, I might put it towards my student loans. But I don’t try to divide it up into little chunks for each of my goals.

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