Your child's graduation is one of the proudest times of your life, and a big party to show that pride is a perfect way to celebrate the occasion. All the years they put into their schooling, whether they are graduating from high school or from college, culminates in graduation, and it should be a memorable day.

That said, graduation parties don't have to be expensive, even if you are on a budget, you can prioritize and still give your child everything they deserve. You just have to plan ahead and be organized. Booking certain things well in advance and setting aside funds throughout the last year of school can help you throw a terrific graduation party without a staggering price tag that leaves you reeling the day afterward

For high school grads, a alcohol free party is best - grownups should remember the day is about the graduates, not them, and join together to ensure a safe party for all involved, with proper supervision and a safe venue. College graduations can be a little more adult, with beer, wine and liquor served and no need to keep an eagle eye on proceedings.

You'll need to decide in advance how large of an event you can manage, and make sure that a private party for a dozen or so close friends and relatives isn't crashed by your child's entire graduating high school class. You could consider working together with other parents to throw an extravaganza that lets all the kids celebrate together and effectively splits the costs.

College affairs are liable to be wilder, and you'll need to ensure the venue is safe and that there are plans in place for safe trips home. Responsibility shouldn't go out the window - there's nothing like being greeted with a hefty bill for damages at the hotel checkout. Use the checklist below to plan a great party that everyone will remember - for all the right reasons!