10 Tips for Throwing a Company Holiday Party on a Budget

Throwing the perfect holiday party doesn't have to mean throwing your holiday budget out the window. No matter if you are planning a close family get-together, a holiday party for work, or a massive celebration for your community, you can make your festivities something to remember without spending a fortune.

10 Ways to Save Money and Still Have an Amazing Holiday Party

1. Keep a rein on the guest list. Slash your party expenses by ruthlessly paring down your guest list. No, you don't have to invite everyone, and sometimes more intimate occasions wind up being the most special.

2. Choose a less popular day and time. If you plan to hold your party at a venue, selecting a less desirable time and date may allow you to negotiate a better rental and catering fee for your party. Try holding your office party on Monday afternoon to save even more money. As an added bonus, your employees will appreciate being off work early.

3. Don't send out paper invitations. These days there is no need to waste money or time designing, printing, and mailing out invitations. Just send an email to everyone on your guest list. Not only are you saving money, but you are also helping to protect the environment.

4. Co-host the party. Sharing the responsibilities and expenses of hosting a holiday is a great way to create a fantastic event without breaking the bank. If you are planning a party for a neighborhood, consider having a progressive party where guests can enjoy cocktails at one home, the main course at another, and dessert and coffee at yet a third.

5. Don't go overboard on decorations. It doesn't take too much to get people into the festive mood -- some beautiful lighting and a winter theme are enough. You may wish to throw in a couple of traditional Christmas or Hanukah decorations if you are really trying to impress your guests.

6. Use disposable tableware. Buying or renting tableware for your party isn't cheap. No one is going to fault you for opting for paper or plastic alternatives. As an added bonus, clean-up will be much easier. 

7. Limit the amount of alcohol. A few cups of holiday cheer can wind up costing you a bundle. Keep your costs lower by either eliminating or limiting the number of alcoholic beverages you provide. Replace alcohol with plenty of inexpensive soda and juice. You can even serve mocktails! You may want to inform party-goers beforehand so they can BYOB if they desire.

8. Limit the menu. Serving a full sit-down meal to your guests is expensive. You can shave a lot off your party budget by sticking to appetizers and other less costly menu items. If the venue you choose allows you to serve outside food, you can find great deals on ready-made finger food in supermarkets. Set up a buffet and avoid having to pay waiters.

9. Make it a dessert bar or cookie exchange. For those who really can't swing a food budget but still want to have a holiday get-together, ask your guests to bring a dessert or cookies to share with everyone else. All you need to have is a place for desserts, plates, utensils, cups, and a few beverages.

10. Forget the professional entertainment. Skip the DJ and other entertainers. Instead, ask party guests to bring their favorite holiday playlists on their phones and let them play them through your audio system. If you plan to invite families with small children to your party, organize fun games and activities to keep the little ones happy.

While it is okay to avoid hiring party professionals to save money, avoiding financial advising professionals can wind up being very expensive. Talk with an expert financial advisor today.

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