How to Budget for a Cocktail Party

Whether it's the holidays, family visiting, or "just because," there is never a wrong time to have a cocktail party. But if you've ever tried to budget for one, you know it can be a bit tricky. With the beer, wine, hard alcohol, food and garnishes, the cost can skyrocket unless you're careful.

Instructions

1. Plan your evening. Decide if your cocktail party has a theme. If it does, you may need to buy decorations, including party napkins, dishes and cups, to set the tone. Include them in your budget.

2. Decide what kind of alcohol you'll be serving. Choose 2 beer brands to serve. One can be light, and one can be regular or you can do one domestic brand and one international. The point is to keep it simple. The same goes for wine. Offering 1 white and 1 red is a great way to appear classy, but reduce costs. When it comes to hard alcohol, offer a signature drink, like a Cosmopolitan. That way you only have to buy the ingredients for that one drink. Beyond that, stick to the staples: scotch and vodka, soda and water.

3. Add mixers for your alcohol. Now that you have offered a signature drink, you can also offer other cocktails which utilize that alcohol as a base. For instance, if you are offering a Pumpkin Martini, pick up some club soda for a vodka and soda, or tonic water for vodka tonics, or vermouth for martinis. All of the mixers are cheap and you have just broadened your menu.

4. Select the food. Remember this isn't dinner. Munchies, such as nuts, bar mixes, cheese and crackers, are suitable. They are cheap and the fact that they can be eaten while conversing will keep your cocktail party flowing.

5. Buy in bulk. Costco, Sam's Club, Wal-Mart and other bulk stores are great places to pick up high-end alcohol and munchies at cheap prices. You can also save a lot of money by buying double bottles of wine or hard alcohol that is in a 1.75 L form. Then, you can transfer the wine to a decanter or make martinis in a pitcher for a nicer presentation.

6. Calculate the amount of alcohol and food you have. When you are in those amazing "buy in bulk" stores, you can find yourself buying too much for your cocktail party. Before you check out do some quick mental math. Figure 1 drink per person per hour for 3 hours. Some people will have less, some people will have more, but the bottom line is people will drink what you have, so don't fret about not having the right amount. Buy two bottles of inexpensive but good wine that you can have on hand if you run out, but buy no more than that. You can always use the wine at a later date if you don't serve it at the party.

7. Throw an amazing party and have fun with your friends and family. The truth is you can make the budget to any cocktail party as frugal or as expensive as you want. Set the limit to how much you feel comfortable spending and don't allow yourself to go more than 10 percent over that number.

Tips & Warnings

• Ask people to bring an appetizer or some mixers. That will help cut down on cost.

• Keep your receipts. As long as the alcohol has not been opened or the beer has not been chilled, then you should be able to return it for a full refund.

• Save the extra alcohol and give it as gifts around birthdays and holidays.

• Make sure your guests practice safe drinking. Assign a designated driver or call cabs for people. Nothing will ruin a cocktail party faster than an accident on the way home.