I can't get enough of planning a party. From writing the guest list to drafting the menu, I love taking on the challenge of creating an event from scratch and making sure everyone has a good time. But, unfortunately for me, it's not the cheapest hobby. So I've come up with a few tips to make planning a party a little easier (and cheaper) for my fellow hostesses.

1. Create a budget (and stick to it).

Planning a party without a budget is like going to the grocery store on an empty stomach — you're going to buy everything in sight. Avoid overspending on unnecessary items by drafting a concrete plan. Once you have a list of everything you'll need for the party, determine a realistic estimate of how much everything will cost. If it turns out that during your party shopping you discover that certain items cost more than you had expected, balance your budget by eliminating other items you can do without.

You can also use free spending tools, like Manilla.com, the free, secure service that lets you manage all of your bills and accounts in one place. You can actually save money by using Manilla.com, or Manilla's 4+ star customer-rated mobile apps for the iPhone and Android, by receiving text and email reminders to pay your bills on time so that you avoid wasting money on late fees.

2. Use digital invites.

It's true — the world has gone digital, which means that even the way we plan our parties has changed. Save money on paper invitations by using free digital invite services, like Paperless Post or Evite.

3. Make a free music playlist.

Use music you've already downloaded to make a playlist on your desktop or mobile device. Or, if you don't want to buy music online, use services like Grooveshark or Pandora, which actually let you stream music — and recommend other songs and artists you might like — for free.

4. Go BYOB.

Bring Your Own Beverage (BYOB) is my favorite party-planning rule because it not only cuts costs from your get-together, but it also reduces some of the planning you need to do. If you're throwing a cocktail party, have everyone bring her favorite spirit. If it's a child's party, ask the parents to bring a bottle of juice or soda.

5. Display D-I-Y centerpieces.

You can save money on party décor by creating your own centerpieces using things you already own or can buy at low cost. For example, seasonal fruit is a fantastic way to create a budget-friendly centerpiece: It's festive, it looks nice, it's generally inexpensive, and you can reuse it after the party (by eating or cooking with it!).

6. One-pot dishes

If you're serving a meal at your party, choose a one-pot dish, which is just what it sounds like — a dish made in one pot. One-pot dishes are excellent time-savers because they don't typically require a lot of preparation. Also, consider making a pasta, rice or potato dish. These three starches can go a long way, and they often cost next to nothing. Or, to really cut costs, make the party a potluck and have each guest bring her favorite appetizer, salad, entrée or dessert.

7. Time it conveniently.

Who says you even have to serve a meal!? Make it a dessert-only or app-only party. Or, as suggested by Melissa Lawrence of CloudMom.com (a how-to video site for moms), if it's a child's birthday party, host it during the afternoon (after lunch but before dinner) and just serve cake. Trust me — the kids will thank you.

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