I Have 55 Pairs of Sneakers and Counting. Here’s How I Buy Them Without Blowing My Budget

I have many hobbies. Collecting sneakers is by far my most costly. I currently have about 55 pairs of shoes in my collection. (Depending on who you ask, that’s either a lot for someone with only two feet or very little compared with longtime collectors.)

Like other sneakerheads, I buy kicks for nostalgia, the storytelling behind a shoe or just to replace a pair I’ve beaten up. I’m a very minimal dresser, so my sneakers are often the loudest part of my outfit. And there’s nothing like the feeling of discovering a new pair of sneakers at a good price and in my size in an outlet or sneaker boutique.

I buy a new pair of sneakers on average every two months. Most purchases cost me from $150 to $1,000 at retail. Luckily, as a personal finance editor, I’ve crafted a strategy to help me afford my passion without breaking the bank or landing me in credit card debt. Here’s how it works -- and how you can create your own plan to afford the things you love.

How I afford my sneaker obsession

I have a three-pronged strategy for affording new sneakers while simultaneously paying monthly bills and reaching my savings goals.

✔️ I have a sneaker fund

I’m no stranger to selling my sneakers online and in person to fund other pairs I want. But I purchase a majority of my sneakers with the help of my sinking fund. Every paycheck, I deposit $70 into a high-yield savings account. I then transfer funds to my checking account after purchasing a sneaker I want on its release date or when I go sneaker hunting on vacation. 

The benefit of my sinking fund is twofold. It’s guilt-free spending because I’m using money that I’ve allocated for treating myself. And when I’m running low on funds, it’s easier for me to pass on weekly releases and focus on building up my sinking fund again.

✔️ I cut back on other purchases

Some sneakers -- such as hyped-up collaborations or popular retro sneakers that are only rereleased every five to eight years -- are harder to find after release day unless you buy them on the secondary market. Despite sneaker resale prices going down over the last year, some pairs can go for two or three times the retail price for my size. 

To avoid this upcharge, I try to buy them on release day (which I am moderately successful at). This means I may buy a pair even though my sinking fund is looking a little dry.

How do I afford this? I include a line item in my budget for miscellaneous expenses that covers things outside of my monthly bills, like household items, clothes, medical expenses and the occasional sneaker. If I buy a particularly expensive sneaker, I can put it under this line in my budget and limit other miscellaneous purchases that month.

✔️ I pay myself back if I splurge

On the rare occasion that I convince myself I “need” a pair that puts me over my miscellaneous budget for the month, I spread the cost over two or three months and limit my miscellaneous purchases over that period. In practice, this means I can buy the sneakers I want, but to afford them, I have to put off buying a new hoodie or video game.

Why treating yourself may actually help your budget

Even if you’re on a tight budget, the occasional treat can help you avoid frugal fatigue and keep you on track with your financial goals. These treats can range from a weekly bagel to the occasional nice dinner -- anything that doesn’t derail your budget.

However, it’s important to have your finances in good shape before you treat yourself too heavily, no matter how you afford it.

I currently have no credit card debt and paid off my student loans in early 2022. I also have a fully funded emergency fund, so my leftover cash each month goes toward other savings goals and my investment accounts. 

I’m also serious about keeping my monthly expenses low, in part to afford what I love. I believe that if you’re frugal with things you don’t care about, you can splurge on the things that actually bring you joy. I’ve never been a fan of buying lunch, I detest coffee and I’ve never found a need for an expensive gym membership, so I skip these costs to free up more money for sneakers.

How to treat yourself without breaking your budget

My approach may not work for everybody.  Here are some other strategies to consider:

• The $1 rule: This expert tip helps you determine whether a major purchase is worth it based on the number of times you’ll use the item. 
• Earn more interest on your savings: Earning a higher yield on your savings can help you build your balance. Grow your money faster by moving it to one of today’s best CDs or savings accounts.
• Buy Now, Pay Later: If you can afford the monthly payments, a Buy Now, Pay Later plan helps you spread the cost of a purchase over time. Look for plans that don’t charge interest.
• 0% APR credit card: These credit cards are great for making large purchases because they save you on interest charges -- as long as you pay off the balance before the introductory 0% APR runs out. 
• Use your tax refund: Tax refunds are good for paying off debt, but you can treat yourself with them as well. Consider doing a mix of both to make financial progress and still enjoy something fun.

It’s OK to spend on your passion

I’ve loved collecting sneakers since I was a teen. But when I started buying pairs again as an adult, I had to devise a strategy that also allowed me to pay monthly bills and reach my savings goals without falling into debt.

My funding strategies may not work for everyone, but there are plenty of other ways to make room in your budget for the things you love. Remember, it’s OK to treat yourself every now and then as you reach your money goals. In fact, it can even help you reach them.