Ms. Glick of The Today Show interviewed Meghan Cleary author of "The Perfect Fit:  What Your Shoes Say About You" to discover what the 5 most important shoes every girl should own.  The top 5 were -  

• A ballet flat or loafer - something casual yet dressier than a sneaker.  Definitely something you could do errands in and still feel put together. 
• The black stiletto heeled pump was another must have for obvious reasons.  You'll look awesome in just about anything when you wear these babies.  
• A sneaker for those really casual days.
• And a pair of simply to die for strappy, high heeled sandals.  Need I say more?     

According to Ms. Cleary you should spend the big money on the classics - the shoes will have forever, and fill in the rest of your shoe wardrobe with less pricey, trendier items.  I couldn't agree more.  Now if I could just convince my husband of that.
 
If you'd like you can view the entire segment on MSN video.