1. Make your own invitations. Whether you're great with a glue stick or creative with the computer, you'll save a bundle by designing and printing your own invitations. Check out free stock photo websites for no-cost images, and visit the website for your favorite document-creation program (I like MS Word) to download free templates.

2. Pick a color theme rather than a product them. Crepe paper in Redskins maroon and gold is a lot cheaper than official Redskins gear. How can you evoke the image you have in mind without having to break into the college fund to pay for it? Break it down to the basics and build up from there.

3. Go potluck. As the host, you need to provide something - but your guests don't have to come empty handed! Go to Costco or any other discount wholesale store and by a couple dozen hotdogs, hamburgers, and buns; a few cases of soda and/or beer; a sheet cake with your grad's name on it; and all of your party supplies (like cups, plates, and plasticware). Ask each guest to bring a side dish or another dessert.

4. Limit the guest list to people you actually like. This sounds like a no-brainer, but seriously, don't invite people out of obligation. You don't have to return an invitation to everyone who extended one to you - send them a thank-you note for a wonderful time and move on. The smaller your guest list, the more flexibility you'll have with your budget.

5. Nix the party favors. If they're that desperate for something to take home with them, they can take their party cup and plastic plate. Devote your party budget to the good stuff: food!

Throwing a graduation party is a gift for your child, but it doesn't have to cost as much as the entire education that preceded it. Focus on the celebration and the accomplishment, not on the nitpicky details of the party, and you'll create an event your family will remember forever.