What's the Budget?

Remember this party-budgeting maxim: "Time is money." Often what you lack of one, you can make up with the other. You don't have to spend lots of money or devote a great deal of time to have a terrific party. What's important is that your guests know how special they are and that you're delighted to have them. When coming up with a budget:

• Begin by jotting down everything you'll need -- food, decorations and flowers, invitations, music, any rentals (such as chairs or tables), even the baby sitter's fee. Don't forget to set aside some money for unexpected expenses.
• If your dream party turns out to be too expensive, look for simple ways to revise your plans. You can scale back the number of guests, substitute chicken for those expensive shrimp, or plan a simpler type of party -- perhaps serving appetizers or dessert rather than a whole meal.
• To entertain with elegance without spending a bundle, consider hosting a participation party -- have the guests help you prepare an extra-special meal. Or, arrange with several other friends to put on a progressive dinner, where each course is served in a different home.
• When budgeting your time, remember to plan time for preparty chores, such as cleaning house, washing little-used serving dishes, and ironing tablecloths or shopping for paper tableware.
• If your time or cooking skills are limited, it may be cheaper in the long run to hire a caterer or order takeout.