It's about time to dig out the streamers, buy some new noisemakers and prepare to watch all of those crazy people squeeze into Times Square to watch the ball drop. Out with the old and in with the new, as they say.
If part of your celebrations include hosting a New Year's Eve bash, you understand that along with St. Patrick's Day, the Super Bowl, and for some, most of the summer, New Year's Eve is probably the biggest drinking night of the year. If you're recreating Times Square in your home, you're going to need some alcohol and that's expensive. (To help your next party, read Ways To Budget For A New Year's Party.)

TUTORIAL: Budgeting Basics

Just like any party, it's important to remember that most people will not know or even care where you purchased the supplies or what you paid for them, so don't hesitate to do some bargain shopping. Here are some ideas.

Ditch the Full Bar
Anybody who expects to come to your home and find a fully-stocked bar as they would find at a restaurant has unrealistic expectations. Courteous guests will gladly accept what you have on hand. Go with the essentials. A red and white wine, a few beers and maybe one or two fun, mixed drinks will be plenty.

Buy the House Liquor
Purchasing the premium brand liquors will break any budget you were hoping to adhere to, so purchase what would be called a "house brand" at a restaurant. If you have a palette for liquors, find an off-brand that tastes good. Going with the cheapest may not be the best idea but you could always ask your favorite restaurant what they use. (For more, see Host A Holiday Party For Less.)

Purchase a Case
If your party is large enough, purchase a case instead of singles. Even if you have to buy a little more than you think you'll need, you may still save money. Head to your favorite restaurant where they know you by name and ask them if they would give you a good price on a case. Sometimes they're happy to sell it to you close to the wholesale price since they may get price breaks from their supplier as their purchasing volume increases.

Serve a Punch
Get out your big party bowl, go online and find a recipe where everybody has commented on how amazing it is and then test it out before the party. If it tastes good, you now have a low-cost way to serve alcohol on a budget. You can make your punch as alcohol-heavy or light as you would like it to be.

Ditch the Champagne
Champagne sales are up and according to the Wall Street Journal that means the economy is improving, but that doesn't mean you have to help the economy by purchasing expensive champagne. You can get the same effect with sparkling wine, and by the time the ball actually drops, your guests may be too intoxicated to care about what they're drinking anyway.

The Bottom Line
Kim Kardashian is reportedly hosting a $20,000 per person New Year's Eve party this year, but unless you're inviting Hollywood's A-list to your party, it's doubtful that your guests are expecting extravagance. They're probably grateful that you provided a fun evening where they could catch up with old friends and meet new ones. (To help your portfolio in the new year, read Financial New Year's Resolutions You Can Keep.)

Don't forget: Be a responsible party host and take the car keys if necessary.

Related Articles
  1. Investing

    7 Creative Ways to Save for an Early Retirement

    Take note of these out of the box steps you can take towards securing yourself an earlier, more comfortable retirement.
  2. Retirement

    Birch Box Review: Is It Worth It?

    Learn more about the convenience of the subscription beauty box industry, and discover why the Birchbox company in particular has become so popular.
  3. Your Clients

    New Year's Resolutions: How to Help Clients Adhere

    Clients setting new resolutions is one thing, but it can be hard to achieve financial goals for some people. Here's how advisors can help.
  4. Personal Wealth & Private Banking

    Women, Invest In Your Financial Literacy

    Becoming financially literate should be on the to-do list of anyone who is not.
  5. Savings

    How to Save Your First $100,000

    Saving your first $100,000 requires the discipline to put money away and control your spending. But just remember – the savings get bigger as you go.
  6. Retirement

    3 Reasons Why This Is the Perfect Time To Visit Greece

    Discover three reasons why now is the best time to visit Greece, including the favorable exchange rate and the country's unrivaled hospitality.
  7. Home & Auto

    What are The Best Ways to Save on Moving Costs?

    Because buying a house isn’t cheap, funds might be limited during your move. So, to avoid additional stress, here are seven money saving tips.
  8. Budgeting

    How Much Rent Can You Afford on $50K a Year?

    Before you go apartment hunting, spend some time calculating a price range that works for you. Here's how.
  9. Personal Finance

    Tips for Talking About Money at Every Step of a Relationship

    How much you talk about money differs, depending on the stage of the relationship.
  10. Retirement

    Living in the Dominican Republic on $1,000 a Month

    Determine whether a $1,000 monthly budget is enough to live comfortably and safely in the Dominican Republic, an island nation located in Caribbean waters.
  1. How does a bank determine what my discretionary income is when making a loan decision?

    Discretionary income is the money left over from your gross income each month after taking out taxes and paying for necessities. ... Read Full Answer >>
  2. What is the range of deductibles offered with various health insurance plans?

    A wide range of possible deductibles are available with health insurance plans, starting as low as a few hundred dollars ... Read Full Answer >>
  3. How do I know how much of my income should be discretionary?

    While there is no hard rule for how much of a person's income should be discretionary, Inc. magazine points out that it would ... Read Full Answer >>
  4. What proportion of my income should I put into my demand deposit account?

    Generally speaking, aim to keep between two months and six months worth of your fixed expenses in your demand deposit accounts. ... Read Full Answer >>
  5. How do I use the rule of 72 to estimate compounding periods?

    The rule of 72 is best used to estimate compounding periods that are factors of two (2, 4, 12, 200 and so on). This is because ... Read Full Answer >>
  6. How much risk is associated with subprime mortgages?

    A large amount of risk is associated with subprime mortgages. Since the mortgages are specifically for people who do not ... Read Full Answer >>
Trading Center