To make a party of a lifetime without spending much money, you should have a lot of time in reserve, since key points here lie in details.
Concerning decorations, hand-made tips go into use. All the festoons, wreaths and other New Year items can be made by oneself.
Speaking about festive table, you shouldn’t serve gourmet food. The only thing you should do is to successfully present your eat and drinks. What I mean is that from a pair of carrots and herbs can be a nice X-mass tree, and meat can be served in the form of a fir cone. Cookies can be shaped like snowmen.
Entertainment should be thoroughly thought over. I believe that karaoke is the best option. You can find great pieces of music in the Internet (New Year theme is easily found now) and kill two birds with one shoot, creating a proper atmosphere and amusing your guests.