Procrastinate! And Other Tips For Doing New Year's Eve On The Cheap Before ushering in a fruitful New Year, toss a frugal New Year's party — while still keeping things lavish. Kyle Taylor, of The Penny Hoarder, explains how to keep your wallet from losing weight.
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Procrastinate! And Other Tips For Doing New Year's Eve On The Cheap

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Procrastinate! And Other Tips For Doing New Year's Eve On The Cheap

Procrastinate! And Other Tips For Doing New Year's Eve On The Cheap

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CARRIE KAHN, HOST:

If one of your New Year's resolutions is to save your pennies, we've got some advice for you. For some tips on holding a frugal New Year's Eve bash, we've called Kyle Taylor, managing editor of thepennyhoarder.com. Welcome, Kyle.

KYLE TAYLOR: Hi, thanks so much for having me.

KAHN: So how much should a party set you back?

TAYLOR: Yeah, it depends so much on how many people you're having. But I can tell you, for decorations, it's actually possible to do it for free. And I have a couple of tips to help you get those decorations up for free.

KAHN: For free?

TAYLOR: Yes, absolutely. Well, so this is one time where procrastination might actually pay off.

KAHN: You're living up to your name, The Penny Hoarder, here. OK, let's hear it.

TAYLOR: That's exactly right. So if you still have your Christmas stuff out - and I know I do - put those decorations to good use. So any white lights you had can be strung up to make things look a little bit more lavish. I also recommend people cut out little orbs or circles from their leftover wrapping paper. If you tape those on the wall, it can make it look really festive and look like a lot of fun.

KAHN: That sounds easy enough to do.

TAYLOR: Yeah.

KAHN: Let's see, if you want to throw a lavish-looking party and you want to put that together on a dime, what more can you do?

TAYLOR: Well, first of all, choose a color scheme. So I - you know, if - whether it's going to be all black or all white or gold and white - but it definitely makes the event look more put together and sophisticated. And it might also help you curb any desire to buy unnecessary items that you see at the party store. The second thing you want to do is to really create an experience for your guests. So one thing I like to do is think about what would make people laugh. So create maybe a photo booth or a selfie station. You can use - again, you can use that leftover wrapping paper to create a backdrop. And then just put a bunch of silly props out. And let people have a good time.

KAHN: Can I ask people to bring their own drinks, to make it a potluck? Is that just too much?

TAYLOR: No, absolutely, I think a potluck is a great idea. I think another great idea is make sure you - the one thing I do like to spring on is the champagne. So you can - there's lots of great champagnes you can buy for under 10 bucks. And you can make it go even further if you mix it with a great mixer or some juice.

KAHN: (Laughter).

TAYLOR: So create a fun cocktail, and I guarantee you that's the thing people will remember the most.

KAHN: Kyle Taylor is the managing editor of thepennyhoarder.com. Thanks so much, Kyle. And have a great 2016.

TAYLOR: Thank you. Happy New Year.

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