It's high time since you caught up with some of your colleagues from work. Or maybe you have one too many treats pending for your buddies from college. It doesn't take much to throw a party in terms of intent, does it?

Now comes the tricky bit of throwing a memorable party, but not one that your wallet can't forget in a hurry.

The purpose of a party is to meet up in a comfortable environment and have a good time. As a host, it is your responsibility to create a suitable setting for this gathering. There are plenty of ways to go about it, fitting it all into your budget.

Get a budget in place

Decide on an amount that you're comfortable spending. Add another 20 per cent to it as contingency. And under no circumstances, cross this limit. What the budget ascertains is that all your expenses are proportionate to each other. So, in case you're running out of resources, you know it's time to ask for help.

Says Neela Vidwans, 45, a housewife: "Most people don't account for party residue. Everyone who has ever thrown a party will have cups, dishes, balloons, decorations or even some music that they used at the party, and that's now just lying at the back of beyond with them.

Do not hesitate to ask around for things you might need. In case you figure you're running out of resources sooner than you thought, ask a couple of friends to bring along a few food dishes."

Go for disposables

Plan a party, and you're usually thinking -- 'Finally, I get to display all that fine-china I bought last year'. For any party that involves kids or more than 15 people in general, showcasing fine-china might not be such a bright idea.

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Chances are, due to some accident or the other, there will be a few casualties when it comes to crockery. Instead, opt for disposable glasses, dishes and even tissues.

Parties usually involve a lot of 'post-cleaning'. The last thing you want as a host after a long night with friends is to carefully wash the dishes and the napkins. Most party supplies, right from disposable cups, dishes, spoons to tissues, streamers and balloons will be available at your nearest value store, something like 'Big Bazaar' or 'V-mart'.

Set the mood

For the party to flow, at times it helps if you add a theme to it. Themes could include everything from the decor to the party games to the food to even the table arrangement.

Says Rashi Mittal, 26, Manager at fast moving consumer company P&G: "I had once hosted a party with 'nature' as the theme. It was a gathering of close friends, and we improvised a lot. Right from haystacks to add to the seating area; to sugarcane juice/ coconut water cocktails and empty kernels as glasses. It proved to be a hit, and my colleagues still talk about it."

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Lighting is one of the most influential factors in deciding the ambience of a party. Thankfully, it's one of the easiest to tweak around too. Most times, you don't need to do much more than add cellophane paper to cover bulbs and tubes. Or a candle-lit setting that's better suited for a more intimate gathering. Balloons, streamers, confetti are just a few tips to make the setting seem lively and colourful at no cost.

It's everyone's party

So ask them to lend a helping hand. It could be with just about anything. Ask a friend to get salad, another to get dessert, and maybe a third to get some ice and soda. Or for a chilled out gathering of friends, you might opt for a potluck party.

"More than the help offered, a potluck party takes the pressure off the host to throw an 'awesome' party," says Anesha Singh, 34, housewife. "Especially for close-knit groups like mine, the focus gets back to relaxing and enjoying ourselves, instead of the host measuring up."

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Another way to cut down the cost of hosting a party is to host a 'bring your own poison' party. This adds great variety to the spirit mix on offer, while letting you focus your resources on the food you're serving. In case you are wondering how to throw a budget cocktail party, the trick is to prepare a large bowl of punch such as sangria or mojito's.

The basics

~ Fix a guest-list and note preferences for veg/non-veg/jain food

~ Prepare the food well in advance, so that you don't spend your party in the kitchen

~ Ask friends to bring along 'ready-to-eat' food. Your kitchen won't accommodate 5 cooks simultaneously adding final touches to their broth

~ In case of a potluck party, post the dishes each one is bringing well in advance. This will avoid repetition

~ Have a few chocolates, sweets, games stocked up in case you're expecting kids to attend the party

~ Inform the neighbours well in advance and if possible ask them to stock on some extra ice in their freezer

~ Relax! It's your party!