Having a good time on one of the biggest party nights of the year can quickly become expensive. Drinks, food, and live entertainment are all ways to blow your budget. 

This year, skip the expensive New Year's parties and consider one of these alternative solutions. Throw your own party on the cheap, or just skip the party altogether. Whatever you decide, ring in the New Year saving money and enjoying time with those who mean the most to you.

Host Your Own Party. One way to control your spending is to simply throw your own party. Yes, it takes a little more elbow grease than getting glammed up and hitting the town, but in the end, your own party offers a more intimate setting that will help you connect with friends. Overall, there are two main kinds of parties to consider: a fancy, dress-up evening or a laid-back, chill-on-the-couch evening.

Fancy, At-Home Evening. Who says you can't be classy at home? You can easily host a killer party that will incite jealousy in even the highest echelons of society. Use these tips to guide your party planning:

Buy your alcohol when it's on sale. Better yet, stores like Costco offer off-brand liquor that's just as good as the expensive stuff.

Create your own decorations. Now is the time to bring your Pinterest boards to life. Use glitter and plenty of black, white, and gold to create a modern, sophisticated vibe.

Serve up fancy hors-d'oeuvres. There's no need to spend money on a catered dinner when you could just make some hors-d'oeuvres yourself. For example, try some bacon-wrapped tater tot bombs by taking frozen tater tots and wrapping each one in a cheese square and a piece of bacon. Bake for 25 minutes at 400 degrees Fahrenheit.

Play some games. You don't need the latest board games to keep your guests occupied. Plenty of fun dinner party games require only minimal props and your imagination, such as Spoons, Salad Bowl, or charades.

Family-Style Pajama Party. Don't feel like going through the effort of planning something so fancy? There's no need to. With a family-style pajama party, you can stay in your sweats while entering the New Year with the people you love the most. For the best party, consider the following tips:

Bake some pizza. Sure, ordering pizza is cheap enough, but it's even cheaper to make your own. Grab some pre-made crusts, tomato sauce, and cheese from the store, and you'll be set.

Fill your rooms with blankets and pillows. It might sound silly, but this is supposed to be a comfy party, right? Pass around your entire inventory of blankets and pillows to your guests so they can find their comfort zone.

Turn on music. Create your own at-home dance party by curating a playlist of music to groove to. Include classics like the Electric Slide and the Cupid Shuffle to get everyone on their feet.

Ask everyone to bring their favorite game. Don't have a big collection of board games? Have everyone bring their own so you can turn your party into a game night.

Make your own noisemakers. One thing that's truly a waste of money to buy is noisemakers. Luckily, it's easy to make your own by using empty water bottles, buttons, and glitter. Just fill the bottles with the buttons and glitter and glue them shut. If you don't have buttons, get creative and use whatever tidbits you have lying around the house.

Overall, this type of party should be far more laid back than a fancier variant, so just go with the flow and let your guests dictate how the evening goes.

Get Out and Have Fun

Of course, hosting a party is a lot of work. Don't feel like putting in all the effort? Just go out instead! You don't have to spend hundreds of dollars to have fun. Consider the following low-cost ideas that you can enjoy with your best pals:

Watch a local fireworks show. Most big cities have them, and while you're waiting, people watching should provide ample entertainment.

Head to a movie at your local bargain theater. While seeing a new release might be too pricey, second-run theaters often show releases that are a few months old at a major discount.

Whatever you decide to do this year, take pride in the fact that you're keeping your spending under control.