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Sag Harbor cookbook author Lauren Chattman's recipe for
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Sag Harbor cookbook author Lauren Chattman's recipe for Cava and cranberry cocktails is perfect for a New Years gathering on a budget. (Dec. 8, 2011)(Credit: Doug Young)

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Throw a fab budget-friendly party

Like many other Long Islanders this New Year's Eve, I won't be celebrating the size of my bonus or my bank balance. But that doesn't mean I won't be celebrating at all. To ring in the New Year in a fiscally responsible way, I'm inviting my friends to put on their best outfits from T.J. Maxx and join me for an elegant but inexpensive cocktail party. Instead of shopping for caviar and Champagne at pricey specialty stores, I'll use staples like canned beans and eggs from the supermarket and sopressata from the local deli counter to create my hors d'oeuvres. I can buy a whole case of sparkling wine from Spain for the price of one bottle of Dom PĂ©rignon. Shredded copies of old newspapers plucked from the recycling pile will make great confetti. Here are some of the ingredients and recipes I'm counting on to make my New Year's Eve party a triumph of economy and good taste: --Lauren Chattman