Personally, I wouldn't find it sensible to have a formal shirt with a pair of leather shoes (by that, I take it to mean the sort of footwear worn by men in business attire, not some trendy Dr Marten boots or Timberland winter footwear) go with
jeans.
I certainly don't see the need for a formal shirt (ie.those without designs) or a pair of leather shoes for "smart casual" functions. If you plan to go in jeans, then I'd think polo shirts or even button shirts (even with designs) would do fine. In such an instance, obviously a pair of dull-coloured sneakers would be more appropriate than a pair of formal footwear. That said, that's just my take on things.
Perhaps, to give you an idea, this is my definition of :
smart casual - polo-tee or shirt (with designs), jeans, casual footwear (like the sort you can find at most Clark's or Hush Puppies outlets)
formal - long-sleeve shirt (without designs, mostly dark coloured or white), pants, leather shoes
If your budget is tight, I suppose the best place for you to get your formal shirt would be at places like G2000.
As for your leather shoes, I think it would be good to invest in a pair that is good and durable as, chances are, you'll need them again later on. Robinson's (especially when there's sales) is a good place to shop for such footwear as they offer an array of brands - from Valentino to Obermain - and designs catering to men of different ages and preference. Although Obermain's designs may be a bit dull for your age (and especially if you don't like their designs), it is one of the more durable brands I've used and it's also used by many business and political leaders (don't ask how I know

) internationally.
Hope that helps somewhat.

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