Financial Advisor Tips for a Budget-Friendly Holiday Party
Holiday hosts are gong in the red—and not just because red is the color of the season. In 2023, millennials planned to spend about $760 on holiday parties. More than half said this could lead to debt, according to a LendingTree survey from November 2023.
While the exact numbers may shift this year, there's no reason you have to overspend to celebrate. Here are some affordable holiday party ideas to keep the fun alive without breaking the bank.
Choose an "off-peak" time or day
“If you invite someone to a Saturday evening party in mid-December, they might come with high expectations,” says Marley Majcher, CEO of The Party Goddess!, an event-planning company based in Los Angeles. That could pressure you to splurge on fancy entrees and premium drinks.
Instead, choose a more relaxed time. Try a weeknight with appetizers and drinks. You could also have a casual weekend brunch with lighter, budget-friendly options.
Host a potluck
Planning a feast-heavy event like Thanksgiving can rack up costs with dishes like turkey, sides, pies, and cocktails. Annette Economides, co-author of Cut Your Grocery Bill in Half with America's Cheapest Family and co-founder of MoneySmartFamily.com, suggests letting guests contribute.
You can take care of the turkey, which is often on sale before Thanksgiving. Ask each guest to bring a specific dish. This way, you can avoid having too many bowls of mashed potatoes.
You can also try a food swap, such as a cookie exchange. Each guest brings a batch of holiday treats and leaves with an assortment to take home. This way, you’re only responsible for your batch, drinks, and some décor. You can apply the swap concept to other easily shared foods, like Hanukkah latkes or Thanksgiving stuffing—just remind everyone to bring their own containers for take-home goodies.
Opt for budget-friendly, hearty foods
Shrimp cocktails and puff pastries might seem like festive party snacks, but they can be costly and don’t fill guests up. Instead, focus on affordable, satisfying options like chili, suggests Marley Majcher, CEO of The Party Goddess! "People tend to drink more during the holidays, so having something hearty in their stomachs is a good idea," she says.
Consider creating a themed buffet, such as a pasta bar. Cook a few varieties—like spaghetti, penne, and a gluten-free option—and pair them with different sauces. Serve them in large, decorative bowls and offer spices like basil and Italian seasoning for guests to customize their plates.
Be savvy at the grocery store
When stocking up for your party, there are plenty of ways to save on food. A few small changes can make a big difference:
● Choose store brands. Generic items can be up to 40% cheaper than their name-brand counterparts.
● Skip pre-prepped foods like veggie trays. While convenient, they come at a higher cost. "Those ready-made platters may save time, but you're paying for the convenience," Majcher explains.
● Compare prices between fresh and frozen items, especially for veggies and desserts. For example, frozen pies can be significantly cheaper than fresh ones from the bakery.
Dress to impress with a theme
Ugly sweater parties are popular for a reason—they're a blast. You will still need to provide some snacks. However, guests will be focused on each other's fun outfits. They won't miss fancy food or drinks.
Tired of the sweater theme? Try a quirky dress code, like "1980s office party," to keep the energy high without spending extra money.
Ditch disposable décor
Festive tablecloths, serving platters, and paper plates might look cute, but buying disposable items for every party adds up quickly. Instead, plan ahead and borrow reusable decorations, tableware, and serving dishes from friends or family.
You can also find great deals at thrift stores, estate sales, or garage sales, often for the same price as disposables. This way, you’ll cut down on waste while also giving your party a more polished look.
Decorate with nature
Some of the most beautiful holiday decorations come straight from nature, and they’re free! Annette Economides suggests using items like leaves, acorns, painted pumpkins, and evergreen branches as eye-catching centerpieces. "A simple spray of paint or a bit of glitter on pinecones, placed in a vase, can make an elegant centerpiece," she says. Plus, it’s a fun project to do with kids.
For finishing touches, you can create paper snowflakes and set out any candles you have on hand (just keep them away from paper decorations).
Create your own entertainment
Annette Economides hosts trivia contests during Thanksgiving and Christmas, pitting family members against each other with questions she creates herself. You can find free holiday music playlists online. You can also borrow board games from the library. Cover tables with paper for guests to doodle on with crayons and markers.
A great budget-friendly idea is to host a gift-wrapping party. Ask guests to bring their presents and wrapping supplies. Enjoy drinks and snacks while you wrap gifts together. "There are endless holiday game ideas on social media," Economides says, "and most of them won’t cost you a dime."
Bottom Line
With some creativity and careful planning, you can host a memorable holiday party without spending too much money. You can also use DIY décor and entertainment to keep costs low. By focusing on thoughtful details and smart savings, you can enjoy the season’s festivities and keep your budget intact.
Sources:
https://www.fidelity.com/learning-center/smart-money/holiday-party-ideas
