As the year winds down, you may be ready to ring in the new one with a bangin’ celebration. What better way to do that than by hosting a party at your place? Except there’s one little wrinkle in your plans: You don’t have a lot of cash to spend.
Not to worry. You can still throw an amazing New Year’s Eve party, even with a tiny budget. Take a look at these 6 tips to help you pull off a successful soireé.
Create a Dedicated Party Account
Keeping track of your spending over the holidays can get crazy and having a separate bank account just for party purchases can make it easier.
“If you know you’re going to be hosting a party for the new year, start a party fund as soon as possible,” says Jacob Lunduski, financial industry analyst for Credit Card Insider.
You can easily do that with a Chime Spending or Savings Account. It takes less than 5 minutes to open a free bank account with Chime. You can fund your account by setting up a direct deposit through your employer or transferring money from an existing bank account. From there, you can manage your account through the Chime mobile app.
Once your account is open, you’ll need to add something to it.
“Consider putting aside a small amount from each paycheck towards your party,” Lunduski says.
He says budgeting $20 to $50 per payday is a good rule of thumb to follow, depending on how big of an event you’re planning.
Nail Down the Guest List Early
A party isn’t a party without guests and as you plan your New Year’s Eve blowout, think about who you’d like to invite. You might want to call up everyone you know but that can add to the cost. On the other hand, capping the guest list at a certain number can help you manage your costs.
Another tip: Clue in your invitees and tell them you’re planning a party. “Ask them to tentatively RSVP whether they can make it or not,” Lunduski says.
“This will give you a general idea of how much food, seating and alcohol people will need, and the cost associated.”
This step is important for planning your budget. For example, if you have $300 to spend and you want to invite 30 people, that breaks down to $10 you can spend per person. Paring the guest list back to 20 people bumps your per-person spend up to $15. You can then decide how that $15 should be divvied up between food, alcohol and other party supplies.
Buy in Bulk (and Ask for a Deal)
If you’re planning to hit a party supply store or shop online for cups, plates, napkins or even wine, buying in bulk can be a money saver. Finance expert and founder of Fiscal Nerd Stacy Caprio says getting to know your local party suppliers can work in your favor if you’re able to negotiate a bulk discount.
“Often, the owner of a small shop or business will be happy to accommodate a loyal customer as well as encourage bulk purchases, since that can be the bread and butter of their business,” she says.
“This makes them more willing to give you a discount when you ask.”
Consider BYOB or Potluck to Save on Food and Drinks
Food and alcohol can eat up a big chunk of your party budget. Greg Jenkins, partner and co-founder of event planning company Bravo Productions, says you can make party planning less stressful — and less expensive — by asking guests to contribute something for dinner and drinks.
For example, you might supply beer and cocktail mixers but ask attendees to bring a dish or a bottle of wine for everyone to share. If you’re planning to prepare food, Jenkins says it’s always better to keep it simple.
“Sit down dinners cost more to host,” he says. Even with just appetizers, you could overspend if you let the menu get away from you. So, stick with basic, inexpensive choices like ham sliders and mini desserts. Most importantly, “don’t waste money on things guests won’t eat,” Jenkins says.
Repurpose and Reuse Party Items Whenever Possible
Your first New Year’s Eve party is a big deal and while you may be tempted to go all out, your wallet will thank you if you think practically instead. Repurposing things you have around the house for your party or thinking about how the items you’re purchasing can be useful beyond New Year’s Eve can help you make smarter buying decisions.
For instance, say your favorite grocery store is running a sale on wine. If you drink wine year-round or if wine is something you can gift to friends and family, stocking up on it while it’s on sale might be a good move.
Also, consider what you plan to do for decorations to make the party complete. Jenkins says you can save money by using things you already have around the house. Fitted sheets, for example, can double as tablecloths. Or, you can leave up holiday decorations and lights and think about adding in some inexpensive paper streamers or confetti to capture the party mood. If you don’t have any twinkle lights handy, candles can create a similar effect.
If you’re planning to buy plastic or paper plates, cups, party hats, whistles or similar items, you can scoop those up at a dollar store. Stick with solid colors instead of ones that have “New Year’s Eve” printed on them and stash away any extras to reuse for your next party. If you need an extra table or chairs for seating, check your local thrift stores for low-cost finds.
Serve Up Affordable Entertainment
While you’re waiting for the clock to countdown to midnight, you’ll need to keep your guests entertained. Since it’s your first New Year’s Eve party, hiring a band may not be feasible, but there are still plenty of ways to enjoy yourself as the hours tick by.
For example, you could set up a DIY photo booth for your guests. You just need a plain sheet or a curtain for the backdrop, some party props and a camera. The props may be things you’ve already purchased — think silly glasses, paper top hats, bead necklaces and noisemakers. Toss everything in a shoebox or a plastic bin and let your guests snap away.
Other low-key, low-cost options include board games, cards, charades or taking turns sharing your New Year’s resolutions. If you’re stumped for suggestions, poll your guests to see what inexpensive ideas they have for the big night.
All the New Year’s Eve Fun, Without the Financial Hangover
While you still may need to spend something on your first New Year’s Eve party, you don’t need to spend everything.
The more you plan your spending ahead of time and follow these 6 tips, the easier it is to keep your budget locked down. And when the ball drops, you can enjoy the moment knowing that you won’t be starting the new year off with money regrets.