Practice smart shopping skills. According to US Census statistics, the average “milestone” party can cost up to $400. Keep your eyes open for coupons and specials at nearby grocery and party supply stores. Also, consider visiting your local warehouse store to benefit from buying in bulk.

Utilize your resources. Put your artistic side to work and make your own decorations. Join the six-out-of-ten party planners that save money by preparing food from scratch rather than hiring a caterer or purchasing ready-made party trays. Since renting one wooden folding chair can cost you $5 per day, borrowing needed supplies from friends, family or neighbors is a smart money move.

Be Practical. Try planning a menu or a dinner theme in advance and have party guests bring a dish. Also, since you can expect to pay $5 to $7 per person for liquor, consider hosting your event during the daytime, when people are less likely to indulge.

Avoid unnecessary luxuries. There’s nothing wrong with inviting everyone by telephone or email, this could help you avoid the cost of invitations and postage. However, if you do plan to send out invitations, remember to work it into your budget, along with the cost of food and the decorations.