10 ways to save on your New Year’s celebration

Hands raise champagne glasses for New Year's toast

We’re counting down to 2024.

But don’t let your New Year’s Eve party plans set you back financially, because all the food, beverage and party favors add up fast.

“Unless you’re traveling, odds are you haven’t factored New Year’s Eve costs,” said Christie Matherne, an editor at WalletHub.

So she helped us count down the best ways to save on your party.

10: “Make a budget,” she said. That way, you can….

9: Avoid adding credit card debt. She says buy only what you can pay for that month. If you’re having a house party, Matherne says there are plenty of ways to save. The best way to lower the party cost, she says:

8: “Start the party later.”

That means skipping a full meal, and offering snacks instead. Then, she says…

7: “Think about sharing the load with a potluck,” and having everyone bring something.

Of course, toasting in the New Year is one of the top costs.

So we visited a popular liquor and party store, The Party Source. Micah Dennison, manager of The Party Source, is preparing for their biggest weekend of the year.

6: He says you don’t need to buy expensive French champagne, or even a pricey bottle of American bubbly, which can cost $50 or more. He suggests you consider cheaper bubbly, like Cava from Spain or Prosecco from Italy.

“Those are much more affordable, you are talking about a fraction of the cost,” he said.

Then, combine that with having guests bring drinks.

5: “You can make the party BYOB before midnight,” Matherne said.

And for decorations, don’t buy streamers and individual hats and horns. Instead…

4: Buy a countdown kit from a party store.

“It comes with the hats, tiaras and noisemakers,” Dennison said of their kits, and comes to just $1 per person.

Remember, he says, you’ll only use these decorations once. So…

3: Get creative with D-I-Y decor.

And if you want to go out?

2: Skip ticketed events and check the community calendar instead.

Still planning to shop?

1: Don’t wait till Sunday, or the best deals may be gone.

“This is our busiest time of year,” Dennison said. “The best deals could sell out.”

That way, you don’t waste your money and you can have a happy New Year.

By John Matarese, WCPO

About the Author

John Matarese

John's goal is to help as many TV viewers as possible save money, avoid bad deals, know a rip-off when one comes their way, and be educated consumers. His informative weekly consumer segment "Don't Waste Your Money" now airs on 45 TV stations from San Diego to Tampa to Houston and Cincinnati. More.

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