To make your Oscar party as perfect as possible, you probably want to have the best costumes available. But how do you go about that on a budget?

With a little DIY sweat and some creativity, you can certainly make your costume a success—and help your guests with theirs, too. The first step is determining whether or not you want a formal costume or a character costume.

If you’re planning on attending your party in style, as a Hollywood starlet in attendance perhaps, your first stop may want to be the local thrift store. There you might find a few diamonds in the rough, including satin gloves, Prom dresses, and other formalwear. You may, however, not have to go any further than your own closet. If you’ve got a little black dress, tuxedo, or other formal outfit from a previous occasion, that will work well. And if you’re concerned about wearing the same thing twice (a Hollywood scandal!), just swap with a friend who wears a similar size. If you want to splurge, get your hair done at a salon—but a simple up do will suffice. Remember Amy Adams’ hair at the Golden Globes? Simple can be very effective. Remember what mother always said—less is more!

As far as accessories go, definitely check with a friend or relative before buying something pricey (unless it’s something you received for Valentine’s Day). You can swap for the night or simply borrow a pair of earrings or a simple necklace to accent your outfit.

If you’re going to attend dressed as a movie character, you’re in even more luck. The only thing you’ll be pressed for is time, since you have to wait until the nominations are announced. (Nominations will be announced on Tuesday, February 2—check here for details; you can also sign up for mobile alerts.)

How easy would it be to find a Julia Childs getup, or paint yourself blue as an Avatar creature? Between your own closet, the thrift store, and the local party supply, you’ll probably find what you need. Have a friend help with your makeup if you need it—or better yet, see if the local theater department would like to “practice” on you. Many Avatar accessories could be made out of simple felt or other fabric on the cheap, too.

Now, if you’re going for an “outrageous” look to simply make waves or have fun, try adding on (or removing!) parts of some formalwear you’ve got around the house. Some saucy fishnets, leather straps, chains, or paint could make your most elegant ensemble racier than ever!