As your scour cookbooks and Gourmandia for recipe ideas, think about the cost of ingredients. A recipe that uses lots of expensive or hard-to-find ingredients is going to cost a whole lot more than one that is just as delicious, but uses more common ingredients. For example, a recipe calling for foie gras and saffron is much more costly than a recipe based on chicken breasts and vanilla.

This doesn’t mean you can’t get creative, though. To cut costs, think about what substitutes give similar flavor at a reduced cost. (Google searches help a lot here.) Even something simple like buttermilk, which costs about $3 for a ½ gallon, can be substituted for ordinary milk (which is not only cheaper, but less likely to go to waste) and a tablespoon of vinegar.

Explore food sources other than supermarkets. Ethnic market places, for example, are often much less expensive than mainstream grocery stores. Farmer’s markets are sometimes cheaper, too.

Instead of buying all the ingredients for your party all at once, which will likely put a serious dent in your pocketbook, shop a little at a time. Every time you go shopping buy even just one more gourmet item—ideally waiting until it goes on sale--and soon you’ll have enough in your pantry for a gourmet feast.

Let gourmet parties be about the food; don’t invest money in dinnerware or decorations. To spruce things up for the party, put out candles (purchased at the Dollar Tree or Wal-Mart) and fresh flowers from a neighbor’s garden (asking first, of course!). Even a basket of fresh produce makes an attractive centerpiece. And try folding some napkins to make things look more special.

If even these wallet-friendly tricks aren’t enough to make a gourmet party possible, try thinking smaller. Instead of serving your friends a multi-course meal, try hosting a dessert party. Fun, easy, and delicious!