With all the costs of helping your child complete his or her education -- eventually you'll be facing down the barrel of a graduation party.

Right about now you're learning that your little girl has outgrown the pony rides or your little boy has outgrown the moon bounce. Their tastes have expanded and become far more expensive.

Should you loot your bank account to pay for a massive blowout that will rock the neighborhood? Or should you try to go cheap and risk spoiling their very special night?

How about the ever-popular third path: throw a great shindig that focuses on substance rather than excess that will be memorable without costing more than your first car.

If you're willing to do a little work and pull together some friends, you can make it happen.

Build Your Support Group

It's highly unlikely that you've gone all the way through high school without getting to know the parents of at least some of your kid's friends. Whether you're regular barbecue buddies or just nod to each other at the grocery store, you're all in the same boat now. Combining forces will spread out the expense and the work and increase your options.

Don't think it's just about money, either. Some of these folks may have talents that will help you make the party happen. Does one of them have a woodshop? Put them to work making table centerpieces, arches or even a band platform if you go that route.

Remember that course you took in floral design back in college, the one that you grabbed to fill out your electives? Buy flowers in bulk online and design your own arrangements. This is actually a wedding tip, but it works for any large party.

If you're going to pool finances for the party, make sure you pick one member of the group as the accountant. This person will collect everyone's shares and handle the payouts. For things like equipment rentals or catering, there needs to be a single person of record, a contact point.

And while we're on finances, the amount of contributions from each group member can be a bit of a touchy subject. It's a simple fact that some people have larger pools of ready cash than others. Now would be a very, very good time to put any financially inspired posturing aside and give as you each can for the good of the whole. If you agree on equal shares, be sure it's something everyone can afford.

The larger your group, the smaller the shares will be, so get recruiting!

What's To Eat?

Food is going to be a major area of discussion, as most teenagers have the metabolisms of hamsters combined with the appetites of weightlifters.

Unless you're planning on a menu a mile long, you're going to have to go to a buffet-style meal layout, but that doesn't have to mean trays of mac and cheese and platters of frozen pizza rolls.

One great idea is a pizza bar. Provide small pre-baked crusts, like Boboli, and as large of an array of sauces, toppings and cheeses as your mind can conjure. Be sure to provide some vegan options, as it's likely at least a few of your guests will be of the herbivore persuasion.

As far as cooking goes, you can rent a roll-through pizza oven fairly reasonably, and it will be a lot more fun than running endless pies through your kitchen's overworked Kenmore.

This idea works very well for a dessert table, too. You can stick with the pizza theme, offering various cookies as "crusts' with an assortment of frostings and add-ons, or set up your own backyard Marble Slab operation and let your guests start mixing.

With all of these options, the most important step you'll take is communicating with the guests of honor. They will have to understand that some economizing is necessary, but it's critical too that you are sensitive to the one or two things that are truly important to them to make the party special.

Don't think of it as going cheap. Think of it as getting the most bang for your buck.

Get With The Band

It seems that everyone and their brother hires a DJ for parties these days. Sure, it's simple. He shows up, sets up his equipment and spins the latest tunes all night long for a pretty penny. Services can range from a simple setup with a mixer board and basic speakers all the way up to "mobile disco" packages with lighting, portable dance floors and the works.

This might be the place where you and your partners decide to spend your accumulated funds. If you do, don't go cheap. Music makes the party when you're graduation-age, and a lousy DJ can wreck things. Get references, and if possible go to a public event and see the prospective hire in action.

Another option to consider, though, is a band. There isn't a high school around that doesn't have a few bands composed of student bodies with varying degrees of talent. Talk to your kids and find out if any of these combos are worth hiring, and make sure that's an acceptable alternative. Hey, you might end up having given the next Journey or Air Supply their first gig.

You may have to explain those band names to your kids.