A couple of years out of college and money is tight. Your apartment is even smaller than your paycheck. How do you host a fabulous holiday bash and still pay rent at the end of the month? These 10 frugal but fabulous party tips will get you started:

1. Just-Right Invites
Create invitations that convey the theme of your party -- and that it's going to be really fun, a must-attend. To get guests excited, be creative. Send a sprig of holly with details listed alongside a lipstick-imprinted kiss, affix a swizzle stick with a promise of a great custom cocktail you plan to serve or shoot out an Evite with whimsical holiday-inspired verbiage. ("Join Vixen and Prancer on the dance floor and Blitzen as he strikes his usual barfly pose.") Then save yourself some cash with clever themes. Forget stocking glassware and invite guests to arrive with their most festive martini glasses, or skip a huge bar tab by suggesting each guest arrives with a bottle of vino.

Whatever you decide to do, send your invites out at least two to three weeks before your event. Two important rules to remember: Include a start and an end time on invitations so party hoppers can plan ahead, and clearly indicate the type of party (cocktail party, dinner party, etc.) you plan to host so friends know what to expect.

2. Dynamite Decor and Favors
Cheap chic is the name of the game when hosting a great party. Stock up on serving trays, bowls and any other necessary party decor pieces by borrowing from friends, shopping eBay or loading up at local garage sales. Customize your own party gear by spray-painting it wintry colors like white, silver, gold or cranberry. Add sexy lighting with tons of tea lights (use small water glasses if you don't have votives) or amber light bulbs, which cast a warm, sultry glow. Make use of those Christmas decorations: String white lights around the front doorway, windows or the buffet table; stack same-color holiday ornaments in large glass bowls or vases; and hang colored globe ornaments from the ceiling with pins and fishing wire. Pick up a can of Crystal Frost spray to add an icy effect or snowflake designs to windows, and grab some tacky-fun tinsel for last-minute touches, perhaps as a tangle around an appetizer platter or a tie around rolled napkins. Inspire holiday kisses with good old mistletoe over one doorway and, if you're really looking for love, one sprig clipped into your hair.

You can even glam up glassware. To create custom wine glass tags, use an i-Zone or other instant camera to snap mini photos of friends when they walk through the door, hole-punch the tops, add festive ribbon and attach to wine glass stems. Hosting a retro Christmas party? Think Shrinky Dinks! Encourage guests to decorate and sign their own designs on Shrinky Dink paper, hole-punch the tops, bake in the oven for three minutes and present on a silver platter.