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Consider a potluck party or BYOB to save on entertaining costs
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There is no shame in asking guests to bring a dish to a party. It can be much more fun to try other people's dishes and ideas, too. Consider an international pot luck - ask everyone to bring something ethnic. For a backyard BBQ, ask guests to bring over their grill-ready meat of choice, and say you'll provide the rest. Or, agree to provide the food, but ask guests to bring their own alcohol. There are plenty of ways to share a little bit of party costs and still be a great host and have a great time.