How to throw a New Year's Eve party on a budget

Although everyone loves a great New Year's Eve party, they can cost a bundle to host. If you're hoping to surprise your friends this year with an awesome New Year's bash, but money is tight, here are some money-saving party tips so you can focus on enjoying yourself instead of fretting about your budget.

Serving food is one of the most expensive aspects of hosting any kind of party.

• One way to save money on food is to start the party later in the evening, around 8 or 9 p.m., so that guests have time to eat beforehand. Then, limit the food to homemade appetizers and desserts.
• Another option is to make the party a potluck and encourage guests to bring a dish to share.
• To save even more when you're deciding on what dishes to serve, choose those that you can make at home so that you can avoid having the party catered.
• Using products that are in season is also less expensive.

If you plan to serve alcohol at your New Year's party, limit the drinks to beer and wine.

• Serving cocktails can quickly become expensive, particularly if they require flavoured liqueurs.
• Instead of serving Champagne, you could always select a nice sparkling white wine. Few people will notice the difference and a nice white wine is more than suitable.

Also remember that not all guests may want to drink alcohol – some may have to drive home afterwards.

• Providing sparkling juice and other non-alcoholic drink options to guests is not only considerate, but it also cheaper than purchasing only alcohol.

Instead of buying expensive decorations, be creative and make them at home with inspiration from crafting websites.

• If you opt for buying decorations, however, buy strategically and choose those that can be reused. This will save you money later on and it is also a more sustainable practice. For example, instead of buying themed New Year's plates and plastic champagne flutes that can only be used one time, use your regular silverware and add sparkle to the table with an elegant centrepiece you made yourself.

Rather than throwing a traditional New Year's Eve party that lasts all night, offer to host the after party.

• Eat dinner and celebrate midnight at a nearby restaurant and afterwards invite your guests to come enjoy a digestif and dessert at your house or apartment.
• The guests will enjoy having a place to go after the restaurant closes and you do not need to worry about providing an entire evening's worth of beverages and food.

To avoid the additional cost of providing live music, why not DJ the party yourself? Simply create your own playlist beforehand so that it's ready to stream automatically during the party.

• Several online music streaming sites have set music playlists you can choose for your New Year's Eve party. Simply select a music stream and click "play" when you're ready to go.

These are just a few ideas on how to throw a memorable New Year's party on a budget. However, with a little creativity, there are many other options to help keep costs down that are also fun and get party goers involved in the festivities.