There is no single correct choice here — the economics lies in how you make it, not which way you go. The question is the chapter's first example of choice under scarcity: your pocket money is limited, both uses are attractive, and picking one means giving up the other.
Method. Set out the two uses, ask which is a need and which a want, and then state plainly what you give up either way — that is your opportunity cost.
Shoes later → lasts months, but you must wait and give up the snacks
Opportunity cost of shoes = the snacks not eaten
Opportunity cost of snacks = the shoes not bought
Sample answer: I would save it for the shoes. My old shoes are torn and shoes are a need, while snacks are a want — and I can already eat at home. The opportunity cost of my decision is a month of snacks with friends, which is real and I do feel it. But the snacks give me a few minutes of pleasure each day and are then finished, whereas the shoes will be used every school day for a year. Since my pocket money is limited, I am choosing the use that gives me more value over the whole year for the same rupees.