The last two years (except for 2004) I have had a New Year party at my house. 2002 was fun, about thirty people showed up and danced in my living room with little decoration or elaborate food and libation. The next year I had moved into a different place and I threw an all out bash and eighty alcoholics showed up; the clean up took me three days. I am done throwing parties for a little while, it was fun but try hosing vomit off your porch with a champagne hangover.
If you want to know how to throw a great party for under $500, email me and I'll let you know. I have some great punch bowl drink recipes that will get everyone happy.