Being careful with your coriander makes the gravy grander: Four easy tips towards a better budget cocktail party

1) Give yourself plenty of time for planning and prep

Good food and drinks don't have to cost a lot of money, but entertaining on a budget tends to cost more of your time. With some thought and care however, it needn't be too difficult nor time-consuming. One benefit of planning earlier is it allows you to see which supermarkets are having what sales and offering what coupons. This helps not only to determine what ingredients you'll be able to get more inexpensively, but aids with menu planning as well.

2) Plan your food and drinks menu around items you already have on hand

-First, take stock of what seasonings and herbs you already have in your pantry.
You can make cheap food taste quite nice with the right seasoning and cooking technique. Herbs and spices also tend to go a long way and last a long time through many recipes. However, at time of purchase these items can seem quite costly. You don't need anything fancy, basics like basil, oregano, and rosemary do wonders in savory dishes, especially combined with garlic, onion or fresh ground pepper.

-Next, consider what specialty items you already have in your kitchen.
Maybe you already have a container of feta cheese in the fridge. With some frozen spinach, some ricotta, chopped onion, herbs and a little while in the oven, you have a lovely spinach-cheese dip in almost no time at all! By considering the finer ingredients you already have to work with, it is easy enough to research recipes (consider looking: on the internet) and plan a quality menu that costs less.

-Now, take a look at what beverages you have in the house.
Even if you only have soft drinks when you begin planing, if you are able to use them for the party, they're just one less thing you have to buy later.

3) Be flexible and be creative

Maybe you need phyllo dough and the grocer's only has pie crusts. Fret not, depending on the recipe, it is likely you can substitute one for the other (and all the better if that pie crust is on sale!). If you can be creative in your cooking and stay flexible when you're planning, than you can usually work out problems that may arise if you're unable to obtain an ingredient for whatever reason. Additionally, a little creativity with your ingredients and seasonings can give your dish a signature flair and make your little party all the more memorable. Clueless about cooking? Try looking at this guide to common ingredient substitutions.

The website, Allrecipes.com also offers a Tips and Advice section with similarly helpful articles like: Cooking Questions: Herbs and Spices, How to Save Money on Wine and Cheaper Meal Planning.

4) Drinks

Ah, herein may lie the biggest challenge in thrifty entertaining. You don't want to break the bank on booze, but you want to be a good host and still serve up something nicely drinkable.

Based on my personal experience, it is simply not worth skimping too much here, especially if you want to join your guests and have a drink yourself. A good rule when hosting any kind of party, especially a smaller cocktail party where the guest list is likely to only consist of your inner circle, is not to serve anything you wouldn't drink yourself. If you're used to drinking Grey Goose, can you, in good conscience serve your guests Popov?

Still, you don't need to go broke in order to serve up a decent cocktail.

-One place you can consider cutting costs is on mixers. I've never known anyone to complain about the difference between Coke and Store-brand cola so long as they're mixing it with rum or whiskey.

-Next, think about what drinks you already have on hand and are able to serve straight or that could be used for the basis for cocktails. For example, if you already have orange juice and Kahlua, it's a good idea to buy vodka as you could make both Screw Drivers and Black Russians.

-When you do make it down to the liquor store to pick up your supplies, give yourself time to shop around the store. Larger establishments often run specials on smaller labels comparable to national brands that the shop is trying to promote. I have found this especially true of places that carry a large selection of wine. Actually, given some of the prices and ratings on wines I've seen this year, you could probably throw a decent wine tasting for a small group with $30 for three to five bottles. Arrange some cheeses and simple table crackers prettily on a plate and you've got a reason to get dressed up.