Top Ways to Save Money on Your New Year’s Eve Celebration

27 November 2018

A group of young adults celebrate the upcoming year

Around the world, people celebrate New Year’s Eve with parties, weekend getaways, and festivals. Watching the ball drop surrounded by champagne and friends can be a costly end to the holiday season. The price of attending a gala, or traveling to a popular New Year’s destination, including premium prices on flights and lodging, can add up to hundreds of dollars.

Consider these alternatives, which allow you to bring in the New Year with friends and family, without putting yourself in financial straits.

Rethink Your New Years’ Wardrobe

Buying a new dress or suit for a New Years Eve party can cost several hundred dollars. Save money and forego the purchase a fancy outfit you will likely only wear once and rent or borrow one instead. Websites like Rent the Runway or Poshare offer a large selection of designer looks at a fraction of the cost of buying. Some selections start as low as 30 for a 4 to 8-day rental, with free 2-day shipping each way. Companies offer both dresses and accessories.

Local consignment shops could also provide less expensive options for formal wear. Save even more by swapping outfits with a friend.

Cut Alcohol Costs

When celebrating the New Year at an establishment, the alcohol tab can be the most expensive part of the evening. Instead of ordering multiple rounds of your favorite cocktail, alternate alcoholic beverages with non-alcoholic options such as water or soda and reduce your bill by nearly half.

Plan Your Transportation Ahead of Time

Ordinarily, rideshare services such as Uber and Lyft will save on transportation costs. However, these services use dynamic pricing based on demand. When you need the service about the same time as hundreds of others, you could end up paying more for your ride home than a traditional cab.

Consider alternatives such as taxi’s, public transportation, or spending the night within walking distance of the party you plan to attend.

Look for Community Entertainment

Most major cities sponsor free events, which often include family-friendly entertainment, music, and firework displays. You can enjoy an evening out, and in some cases, bring your own food and champagne to save even more.

Spend an Evening with Friends and Family

At home celebrations with friends and family can cost significantly less than attending an event. You not only save on the cost of admission but can provide food and alcohol at a fraction of the cost. Spend an evening playing your favorite games and watch the ball drop from the comfort of your living room.

Time with friends does not always mean staying home. If you have friends who live in a more interesting place, plan a getaway, and bring in the New Year elsewhere. You save money while gaining the benefits of being closer to the action.

Some families choose to travel to more remote destinations, which can have its own benefits. Whether you travel or celebrate at home, spending time with friends and family can lower the price tag of your New Year’s Celebration.