New Year's Eve is just around the corner and it is possibly the largest global celebration. Starting in Australia, each time zone takes its turn celebrating the turn of the New Year. With one of the largest celebrations only days away, how will you celebrate and at what cost?

The DIY Option
The most cost effective New Year's plan would be to host a New Year's party. The do-it-yourself option allows you to set a budget and spend within your means. If you chose to send out invitations you can opt for websites like which allows you to send out e-invites, and the website gives you the first twenty for free.
The DIY option allows you to set the guidelines for guests. By having each guest bring a dish you will save hundreds on food and it will likely only cost each guest around $10 to $15 for his or her appetizer. Plus, you might get some great new recipe ideas.

Encourage guests to bring their own alcohol if your cabinets aren't an endless flow of liquor. This will encourage them to again contribute to the party and save you money. Depending on how much they drink, it will cost them between $10 and $30. In total, your guests are looking at spending $20 to $50 for a night out with friends, which is considerably cheaper than their other options.

A few other cost effective tips include hitting up the dollar store for party supplies and decor. You can get enough streamers to decorate your entire house for around $5. Lastly, by starting your party later, around 8:30 p.m., you decrease the amount of food and drinks you will have to provide. Four hours of partying with your friends is enough time to eat, drink and be merry without breaking the bank.

Four-Course Meal
If you opt for a more traditional meal out with loved ones, you may be looking at between $50-$135per person. Generally, restaurants tend to have two seating times in the evening. One is for groups that want to eat earlier and one is for groups that want to bring in the new year with a scrumptious four-course meal. The down side to this option other than the cost is the inflexibility in eating times and menu items. Some restaurants have a set menus for New Years, so if you are a picky eater then you may want to check what is being served before shelling out close to a $100.

Going Out
Tons of cities in the United States host major parties for all to join. Honolulu is the last major city in the United States to celebrate the beginning of the new year. It hosts fireworks on Waikiki Beach. Las Vegas is famous for its outrageous parties, and New Year's is no exception. Wherever you are in Vegas there will be tons of lights, including a huge fireworks show on the strip as well as downtown. However, partying at a Vegas club can be expensive, especially on New Year's. Tickets to well-known clubs like the Chateau are around $150 for the evening with prices reaching up to $5,000 to $10,000 for some of the VIP packages clubs offer.

The Bottom Line
With the most celebrated occasion coming closer, many people are deciding what they will do for New Year's and cost can play an important factor. Regardless of how you chose to celebrate, ensure it is within your budget. While a night out in Las Vegas may be fun, paying a few thousand dollars isn't. Opting for cheaper New Year's Eve plans may be a great way to spend time with people close to you and stay within your budget.

Related Articles
  1. Personal Finance

    How Tech Can Help with 3 Behavioral Finance Biases

    Even if you’re a finance or statistics expert, you’re not immune to common decision-making mistakes that can negatively impact your finances.
  2. Stock Analysis

    The Biggest Risks of Investing in Sears Stock

    Learn about the factors that have led to Sears Holdings' underperformance the past several years and where the ailing retailer could be heading in the future.
  3. Stock Analysis

    4 Key Indicators That Move The Markets

    Educated investors need to keep their finger on the pulse of the economy, and watching certain indicators is a good way to do that.
  4. Savings

    Craft Beer Clubs – Bargain or Not?

    If you're an aficionado of artisanal brews (or would like to be), a beer club can be a palate-pleasing, albeit pricey, way to expand your hops horizon.
  5. Stock Analysis

    When Will Dick's Sporting Goods Bounce Back? (DKS)

    Is DKS a bargain here?
  6. Savings

    These 10 Habits Will Help You Reach Financial Freedom

    Learn 10 key habits for achieving financial freedom, including smart budgeting, staying abreast of new tax deductions and the importance of proper maintenance.
  7. Stock Analysis

    Has Urban Outfitters Lost its Way? (URBN)

    Urban Outfitters just made a bold move. Will it pay off?
  8. Savings

    Your Flex Spending Dollars: How to Use Them All

    Your flexible spending account is about to expire. Don't throw money away; here's how you can spend every cent (or roll it over).
  9. Savings

    Are Wine Clubs Worth It?

    Some points to consider, before committing to a membership for yourself – or as a gift. The right club can also help you save money over the holidays.
  10. Budgeting

    How Much Will it Cost to Become President In 2016?

    The 2016 race to the White House will largely be determined by who can spend the most money. Here is a look at how much it will cost to win the presidency.
  1. Marginal propensity to Consume (MPC) Vs. Save (MPS)

    Historically, because people in the United States have shown a higher propensity to consume, this is likely the more important ... Read Full Answer >>
  2. Is Japan an emerging market economy?

    Japan is not an emerging market economy. Emerging market economies are characterized by low per capita incomes, poor infrastructure ... Read Full Answer >>
  3. Are Social Security payments included in the US GDP calculation?

    Social Security payments are not included in the U.S. definition of the gross domestic product (GDP). Transfer Payments For ... Read Full Answer >>
  4. 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 >>
  5. What economic indicators are important to consider when investing in the retail sector?

    The unemployment rate and Consumer Confidence Index (CCI) rank as two of the most important economic indicators to consider ... Read Full Answer >>
  6. How do changes in interest rates affect the spending habits in the economy?

    Changes in interest rates can have different effects on consumer spending habits depending on a number of factors, including ... Read Full Answer >>

You May Also Like

Trading Center