How do you keep New Year's Eve cheap?!

Being arguably the biggest party event of any social calendar, it's no wonder that Brits will save and save in order to thoroughly enjoy themselves on New Year's Eve.

Whether they're hosting a party or painting the town red, December 31 is the best chance for people to gather their closest friends and reel the new year in together. For some, drinking copious amounts of alcohol and putting themselves in a food coma is an absolute must. However, with so many families still feeling the bite of the recession, many people will be wondering how on earth they'll afford the New Year's Eve bash this time around.

To help you and your friends manage the cost of hosting or attending a party, we've put together a few money-saving tips. Enjoy! 

Hosting

If you're hosting a party there's a certain pressure on you to provide for your guests. Fortunately what you do decide to supply is entirely up to you, and there's plenty of room for making savings.

The best way to go about advertising your cost-effective party is to emphasise what you're contributing to the gathering – the venue. You should have no objection to asking your friends to bring as much alcohol and food as they see fit. If they want to attend, they'll have to bring their own drinks and nibbles – simple.

Invitations – Don't worry about spending money creating personalised invitations – this is the digital age, where a Facebook invite or a quick email will more than suffice. Alternatively, for those who haven't yet embraced the wonders of social media, a simple phone call or a knock at the door will do.

Supplies – If you can afford to buy a few extra bottles of wine and a case of beer to keep the fridge filled then your guests will more than appreciate the gesture. Beyond this you can't be expected to feed and hydrate over ten people, so don't try – tell them to bring their own booze. Supply basic nibbles like crisps, sausage rolls and cakes, but don't be afraid to use own-brand products. Take them out of their original packaging and no one will notice the difference.

Music – Who really needs a DJ when you can set up an iPod dock or a laptop with speakers in your lounge? You can choose your own music and not pay a penny for the privilege – it's a no brainer.   

Attending

If you're attending a party and it's within a 30 minute walk from your house, why not don a pair of flats and march to the venue – in company of course. You can always get a taxi if you feel you can't manage the trek on the way back, but you'll have saved at least a fiver in getting there.

You may also want to check what the host is supplying, as there's nothing worse than bringing a supermarket bag filled with goodies to a party where all food is provided. Even if the same might go for booze (lucky you), it's always courteous to contribute a bottle of wine. How much you spend on this is entirely up to you, but remember: the house party is meant the cheaper way of enjoying New Year's Eve. Do not make it expensive on your own accord.

Going out

It almost goes without saying but drinking before going out will save you tens of pounds. Replace three drinks at a pub with three of your favourite tipples at home and you'll have already saved around