Think you need a ton of money to host a decent graduation party? Not necessarily. Here, we give you awesome — and inexpensive! — ideas for having the best graduation party on a budget … so start planning, party monster!

Free Graduation Party Invitations
Give a shout-out! Since you’re looking to save money, consider creating an Evite invitation or Facebook event page to spread the news of your graduation party. This is much cheaper (as in, it’s free!) and less time-consuming than paper invites. Plus, it shows a little bit o’ love to Mama Earth.

Best Graduation Party Venue
In his song “The Best of What’s Around,” Dave Matthews sings, “Turns out not where but who you’re with that really matters. …”

• There’s no place like home. According to Laura Schroyer, sales rep at Lasting Impressions Event Rentals in Columbus, Ohio, the majority of graduation parties the company services are held at the graduate’s house. Opening up your home can seem daunting, but it’s better than forking out beaucoup bucks to the country club.
• Consider the city. Contact your local city or county recreation department and ask if they offer any places for hosting get-togethers. Many have parks, pavilions or halls available to reserve free of charge or rent for a reasonable fee. These locations often include amenities, such as use of kitchens or outdoor grills, existing tables and seating, and various sports courts.

Bonus money-saving tip: Before renting tables and chairs from a rental company, Jason Rickey, University of Dayton junior and co-owner of Omar’s Party Tents, recommends asking a local church if you can borrow some in exchange for a small donation.

Best Graduation Party Decorations

Schroyer says decorating with school colors is a popular grad party trend: “They use a lot of colors from that college or different items associated with their college.”

• Hit up discount chains and dollar stores. You’ll find inexpensive decor, like streamers and balloons, as well as color-coordinated paper plates, napkins and plastic utensils. Schroyer mentions that a simple way to make the decor pop is to use tablecloths in complementing colors.
• Enlist the help of friends. Have any artistic kids in your crew? Pick up some poster board and paints, and have them create one-of-a-kind wall hangings. Your roomie has a knack for interesting dorm decorating on the cheap? Put her in charge of coming up with unique centerpieces.

Best Graduation Party Food
“Food is the main reason I go to graduation parties,” jokes Ohio State University sophomore Alex Huegle. Forget the caterer and go with some of these less pricey menu suggestions:

• Cookout fare Tossing burgers and dogs on the grill is an efficient way to keep the food coming. And it’s not a cop-out to ask each guest to bring a side dish to share. Just make sure you know who’s bringing what so you have a variety and don’t end up trying to unload five buckets of potato salad.
• Ethnic dishes Did you study abroad during college? Recreate dishes you enjoyed during your trek. If you traveled through Spain, serve gazpacho and paella (substitute expensive shellfish with just-as-delicious chorizo sausage and chicken — or even beans for a vegetarian option).
• Dippity do’s Put out an assortment of dips, like artichoke, nacho or hummus, for guests to munch on. Be sure to provide chips, pretzels and cut-up veggies for dipping. This is the best way to go if you have limited seating, since guests can easily consume these foods while standing.

Also, don’t space on the drinks. Fill coolers (or a baby pool) with plenty of ice and bottled water or soft drinks.

And finally, no grad party is complete without a cake. If you’re feeling creative and want to forgo ordering the traditional sheet cake, be your own “cake boss”: Buy fondant and colored icings online or at craft stores. Or whip up cupcakes!

Best Graduation Party Entertainment
No need to hire a DJ to keep grad party guests entertained …

• Turn up the tunes. Personalize your playlist by projecting your iTunes from computer speakers or your iPod from an iHome. Or try Web sites like Pandora.com or Grooveshark.com to personalize live streaming playlists. If you’re really going for the “wow” factor, ask your musician friends to perform as a graduation gift to you.
• Play some games. To break the monotony of mingling, offer games for your graduation party guests. Set up a volleyball net, use your basketball hoop for some one on one or dust off the cornhole boards.
• Create a slideshow. To save money on printing photos, scan old ones to your computer and combine with photos you already have. Make your slideshow using such software as PowerPoint or Movie Maker (look for free downloads), then connect your computer to a projector and let the good times roll!

Talk It up! Ever been to a particularly awesome graduation party? Share the highlights below!