New Year, New Savings: How to Throw a Budget-Friendly New Year’s Party

Dec 18, 2023

How to Plan a Budget Friendly PartyOn the last night of the year, it's customary to say farewell to the previous 365 days with a New Year's Eve party. It's a night of fun, family, friends, and sometimes, considerable expenses. However, it's entirely possible to throw a fantastic New Year's Eve party without breaking the bank. Here are some of the best ways to save money while planning an unforgettable evening.

  1. Create a Budget: Whenever you are looking to be financially responsible, the first step is typically creating a budget. Throwing a New Year's Eve party is no exception. When you begin planning, set a firm budget that won't stretch you beyond your means and that you will commit to stick to.
  2. DIY Decorations: Store-bought decorations can be pricey, especially when it comes to festive occasions. Unleash your creativity by creating your own. You can use materials like colored paper, old Christmas decorations, and recyclables to make streamers, confetti, and banners. There are so many things around your house right now that could be used as decorations that you probably haven't thought of before.
  3. Potluck Celebration: Food and drinks can significantly drive up the cost of a party. To alleviate this, why not opt for a potluck? This approach allows guests to share their favorite dishes, reducing your food preparation efforts while ensuring a diverse array of cuisine. Potlucks serve as a great conversation starter and you may even find a new recipe you love. Also, since we are still in the thick of the holiday season, make sure to monitor your local grocery store's holiday deals to maximize your savings.
  4. Budget Beverages: Alcohol can be one of the most expensive aspects of a New Year's Eve bash. Consider offering a signature cocktail. Adding a signature cocktail helps create a fun theme for the night and reduces the amount of alcohol you have to buy. If you try to buy a variety to make sure you have something everyone will enjoy, you will likely end up with a lot of unused alcohol you could have avoided spending money on. You can share what signature cocktails are on the menu prior to the party, and those that aren't interested in it will know to bring their own drinks.
  5. Pajama Party: Many people associate New Year's Eve with getting dressed up in fancy attire. A New Year's Eve party with friends and family does not need to be formal. Consider throwing a pajama New Year's. Have everyone wear their favorite pajamas to ring in the new year in comfort without having to spend big on a brand-new outfit. 

A New Year's Eve party doesn't have to be a bash that breaks the bank. By following these tips, you can spend less money and more time having fun bringing in 2024 with your loved ones.

Erin Elis 
Erin Ellis
Accredited Financial Counselor ®
Philadelphia Federal Credit Union
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