You can hem the raw edges but if you don't have a sewing machine you could always use fabric glue or hot glue to tuck it under and press down so it doesn't unravel. If you use glue I suggest washing on gentle and line drying it.
I got my boots from the Steve Madden outlet store for under $75. The other pair that I had my eye on were the Lucky Brand Aida that you can find for a great deal HERE.
The "in my dreams" boots can be found HERE.
And if you want to make use of the remainder of the sweater you can make a Pottery Barn pillow knockoff....