So you want to have a party But not at your home. Here are a few tidbits to cut cost.
Day: You can reduce the price for your venue if you schedule your event on a Sunday (Fridays and Saturdays are when most venues do their biggest business). Sunday is a slower day, so you can get a good rate.
Venue: Find a space with a patio or side rooms. It is more cost effective to rent a partial space than a huge space (make sure the room can accomodate the number of guests invited).
Time: Try holding your party during what's consider, "dead time" (after lunch and before dinner). This is when most restaurants, clubs, banquet halls are slow. If the venue doesn't do breakfast, you can schedule your event, a brunch, from 10-12 Noon. This will bring in extra revenue for them and you get a great deal.
Remember to be flexible when planning your party. Work with the venue, because if your event is bringing in extra revenue for them, the result is a win win for you both.