To help answer this question, I’ve compiled a list of things that I feel are, and aren’t, worth the splurge during our sad and painful recession. My basic rule of thumb? Things that last are worth the cash.

What’s worth it:

Jeans. I always used to laugh at the fact that my friends paid $200+ for jeans…until I tried on my first pair of J-Brands. While you can find cheaper options, the fact of the matter is, most designer jeans are better quality. Invest in a few pairs. They feel softer, they fit better, and they last longer. Your wallet might not thank you but your tush sure will! J-Brand, Hudson, and True Religions are my top picks.

The Iphone–If you can get your fam to join in. Individual plans are pricey, but with a family plan, the monthly rates are much more affordable. The iPhone beats all other cellular choices, plain and simple; it’s genius combo of visual voicemail, thousands of apps (including Shazam, which can detect any song playing nearby and tell you what it is), iPod, internet, and more makes it the clear choice. So worth it.

Haircuts/Hair dying. If you’re looking to change your hairstyle or color dramatically, please go to a salon. Now I’m not saying you should spend $200 to get a trim, but good haircutters/colorists can really make a difference on your do (mom, I hope you’re reading this—put that herbal essences hair-dye DOWN!). So when should you indulge? When you want layers, highlights, or to alter your color dramatically. Or you can get your friend to “work her magic,” just don’t come crying to me when you’re locks are purple and lopsided.

Basics. But only ones that you will use and use and use. This includes: a little black dress, a spring jacket, a few pairs of jeans (see above), a pair of STURDY flip flops–Reef, Teva, JCrew (watch out for water on those last ones–very durable, but zero traction)–etc. You be the judge of what’s a necessity…but don’t go overboard. Those Prada shoes are NOT basics.

What’s not:

Heels: While our feet are precious, you can pamper them without spending hundreds of dollars. There are great shoes out there that are well made, and bargains. I don’t know about you, but when I wear heels out to party, they are usually covered in dirt, sweat, and other people’s footprints by the time I get home. Point being, I’m not about to go throw my savings on a pair of Jimmy Choo’s. Instead, I love to shoe-shop at victoriassecret.com, shiekhshoes and DSW. To get your fix of strappy goodness, check out these (cheap!) beauties.

Manicures: Unless you’re extremely uncoordinated, DIY manicures can yield results just as pretty as those from a salon. Even better than do-it-yourself? Grab a friend and paint each other’s nails. One tip: After clipping, filing, and moisturizing your hands, buff each nail’s surface with a very rough buffer—this will help the polish stick and stay put for weeks. For summer, I adore bright shades. Try Essie, a cheap polish brand that has everything from neon yellows (great with tan/dark skin) to bright reds (beautiful on the fair).

Toiletries: Taking care of your body and face is important, no doubt, but people really underestimate the effectiveness that cheaper products can have. My $7 face cream has quenched my skin’s thirst just as well as my friend’s $50 bottle has quenched hers. And my Maybeline mascara has plumped my lashes just as well as that Dior Show I mistakenly purchased once. Until your skin is ridden with wrinkles and you need some serious skin care products, stick to affordable options.

Underwear: My opinion on undergarments? If they’re not visible, they shouldn’t be blasting your budget. And as for the claim that guys like when girls wear expensive, intricate lingerie? It’s false. I can assure you that the guy you’re sleeping with won’t care whether you’re wearing a bra from gap or La Perla–he’ll just wanna get that thing off! That said, it’s fun to feel comfy and sexy, even if you’re alone in the comfort of your own dorm room. Victoria’s Secret’s 5/25 undies deals are awesome, and they come in tons of cute styles, proving that you don’t have to sacrifice feeling sexy for staying on a budget.

Sunglasses: While designer shades can look pretty sleek, $15 ones can too. And since I lose my sunglasses about every 5 minutes, spending hundreds on them seems pretty dumb. Urban has a lot of funky choices that will fit a tight budget.

Gym Membership: Most universities and colleges offer on-campus gyms, but if you’re a graduate, or your school is lacking facilities, take the opportunity to get outside. Spending hundreds on a gym membership is not worth it when you have the great outdoors! Run, walk, hike, or do some at-home workouts—for free! Whatever floats your boat.

In my years of flip-flop perusal, I’ve noticed three big brands that dominate the flip flop contingent. I’ll start with my personal favorite and work my way through the other two recommendations accordingly:

Havaianas, available anywhere from Urban Outfitters to your local surf shop. These are your basic rubber flop, but they mold just so to your foot and are extra comfy. I own at least 4 pair of these, the brown are my favorite as they literally match everything. Sometimes Urban has 2-for or buy-one-get-one deals that inspire a backup pair. They work fantastically for just about everything, from shower shoes to the beach, or to just make a cute little summer dress more casual. They’re genius, and if you have bigger feet (like yours truly), the solid ones are often unisex or available in men’s sizes. No one knows the difference.

J. Crew is a sorority-girl favorite. Approximately 90% of my own sorority sisters rock J. Crew flip flops until there are holes in the soles, which makes for difficult walking. Fear not: to do so you have to walk many, many miles in them. The Crew has grosgrain flops with stripes, some critter ones, madras and other patterns, as well as the original rubber ones. The rubber ones are more reasonable, but the fancy ones with material can cost you. I’ve not personally worn these, but I’ve heard that they’re worth every penny and are extremely comfortable, molding to your feet almost on the first wear. You can order from the catalog or buy in-store, and if they don’t have your size in store, a secret about J.Crew—call their catalog from the store. The employee doesn’t get credit for your sale, but you won’t pay shipping.

Last but certainly not least are Reefs, which are a quite popular spring break purchase. These got a lot of play on the dorm scene my freshman year. I personally prefer a thinner strap, but Reef makes these too, now, and in an array of colors. These also go up to a size 11, and have great traction if you tend to slip and slide. These seem to be quite durable, a good friend of mine has had hers for all five years that I’ve known her and they have yet to look too dirtball to wear in public. These may be a bit pricey, but if you believe in bang for your buck, you won’t need to replace them for awhile.

These are my casual flip-flop suggestions. If I missed something you couldn’t live without, feel free to add your own thoughts below!

After sporting high heeled pumps or strappy little stilettos, nothing feels more satisfying than slipping my aching feet into my trusty Reef flip flops. I practically live in flip flops during the summertime months, as do most of my friends.

Unfortunately, I recently learned that flip flops were never really meant to be worn as everyday shoes and are therefore causing young women more foot problems than ever. According to an article in USA Today, “the problem, foot doctors say, is that flip-flops offer little cushioning and no arch support, and they force their wearers into an unnatural, toe-gripping, foot-slapping gait.” Because of this, young women are getting foot pain that is usually associated with older, fatter women.

I don’t know about you, but I would like to keep as much of my youth intact as long as possible and try not to show signs of becoming a middle aged woman at the spry age of 22. Along those lines, something that grossed me out were the possible consequences of constant flip-flop wearing…

•Sore arches and heels, which can progress to chronic conditions, including inflamed Achilles tendons and plantar fasciitis, inflammation of the connective tissue between the heel bone and the toes.

•Heel calluses (from the pounding).

•Hammer toes (from the gripping).

•Irritation between the toes (from the toe thongs), which can lead to nasty fungal infections.

Um, gross. I think I will attempt to cut down on the day after day wear of flip flops in hopes of saving my pedicured tootsies from a dark future. Check out the USA Today article for more tips on how to take good care of your feet.

Oh, y’know, invest in some… flask sandals?!

Yep. These Dram Reef sandals have a “polyurethane encapsulated canteen” in the heel (read: a flask built right into the sole). Uh-huh, go on your morning walk (I can only assume that people who buy flask sandals also drink in the morning), get to your undisclosed watering hole, and liquor up the old fashioned way: from yer shoe.

And what?! They’re waterproof?! You can wade out into the ocean and drink to your heart’s content (well, until you’re so drunk that a wave grabs hold of your inebriated ass and drowns you).

Honestly, I’m kind of shocked that it took ‘em this long to invent these li’l gems. I mean, it makes complete sense: you need alcohol on the go, but in order to be on the go, you totes need shoes! Oh, and don’t forget, li’l alcoholic: you have two feet, and therefore two shoes. Is one vodka and one cranberry juice? One rum and one Curacao? The possibilities are endless.

Now we just need to wait with bated breath for a flask-cum-IUD.