In Weingarten's view, what corporate women carry in their hands is more important than what they wear on their feet.

"If you can afford to, you should get the really great pair of shoes," she says. "But if it's either/or, your handbag or laptop case is what people see in a meeting ... so the impact is bigger."

To save money, Weingarten says go to websites like Gilt.com that offer specials on luxury and designer handbags for $60 to $100. Look for "really good leather, a great neutral and something that has a nice detail in the buckle or the strap," she says.

Fox says one mistake that men make is buying poor quality belts. How much can you expect to pay for one that won't crack or fray after a few months' wear? Brace yourself.

"The best Italian leather-goods companies are starting to come out with lower price points on belts -- just under $200," Fox says.