For a successful gathering, the key requirements are you, your friends and family, and lots of fun. Everything else is a bonus. These ideas will help boost the bonus factor without breaking the bank.

1. Set a budget and stick to it. Decide how much you want to spend on your gathering and put that amount of cash in an envelope. Splurge strategically on a little bit of wow, such as amazing olives to top your salad or a favorite chocolate to include in the dessert. When the money is gone, your shopping is finished.
2.  Limit your guest list. Smaller gatherings often are more fun and definitely cost less. Break out the board games or a deck of cards, and you’ve got the start of a party.
3. Skip the paper invitations. Fancy invitations and postage can add as much as a dollar to the cost of hosting each guest. Remember—people just love being invited—even if that invitation arrives electronically.
4. Go with a buffet. Buffets up the comfort factor and reduce costs.
5. Consider asking guests to bring their own beverage. Asking guests to contribute a favorite beverage is a huge cost saver, and guests are always happy to make a contribution to an event.
6. Make it a mini-bar. If you do choose to provide alcoholic beverages, consider serving one or two cocktail varieties, or better yet, serve punch, sangria or mulled wine.
7. Keep it homemade. Comfort food makes everyone happy. Plus, hosting a dinner party rather than a bash with appetizers and cocktails is much less expensive—and less work. Focus on simple dishes that can be made special. Serve a pasta dish with a sprinkling of big-flavored Parmesan cheese. Or create a slow-cooker chili and serve it with various add-in toppers including sour cream, corn chips, shredded cheese and/or salsa. Add a tossed green salad and a batch of brownies or bar cookies. Dinner is done and the mood is relaxed.
8. Decorate on a dime. Do it yourself and save. Rather than expensive flowers, decorate with fresh greenery, such as juniper, fir or spruce. Fresh greens will stay fresh for up to three weeks, and they smell wonderful.
9. Do it differently. Invite guests to participate by throwing a potluck party. Pick a theme and suggest guests bring a different course: an appetizer, side dish, entrée or dessert.
10. Bring on a brunch. Hosting a brunch typically costs 40 percent less than hosting a cocktail party or dinner party. 

View other helpful articles:  Get Your Kitchen Ready for the Holidays and Tips for Stress Fee Entertaining