Psst. The Oscars are this Sunday, Feb. 22. Here are six tips to throw an Oscar party without breaking the bank.

1. Collaborate with one or two other friends so you are all “co-hosts.” This creates a bigger guest list and also allows you to split the costs.

2. Stars are glamming down because of the recession so why don’t you? Tell your guests the theme is “ugly night out” so no one runs to the store to buy a cute outfit. If anything, they may spend a few bucks at Goodwill.

3. Potluck!

4. Serve sangria, a fabulous drink that is incredibly cheap if you make it with Two Buck Chuck, which – GASP – I’m told went up to three whole dollars at Trader Joe’s, where it is sold exclusively. Some 99 Cent Stores also sell wine. Sangria recipes here.

5. Make popcorn, which is awfully cheap if you buy the kernels and pop them in a pan. Heat about 2 T oil, then cover the bottom of the pan with one layer of kernels. Gently shimmy pan over medium high heat until kernels are popped.

6. Serve bite-size quesadilla slices with salsa. Cheap, and a crowd pleaser.

What would you add to this list?