The cost of the party mostly revolves around food and drinks. So if you need to have the cheapest party possible you aren't going to be having fancy drinks. The cheapest thing you can have to drink (that's not water) is lemonade.
To make your lemonade look fancier put it in a punch bowl or a glass mixing bowl with a plastic ladle ($1 at Dollar Tree) your lemonade cost should be around $5 for the lemons and sugar. to make it look decent put lemon slices floating in it and if you want put some strawberry slices or some food coloring in it.
As for actual food you can throw a potluck by asking each guest to bring a covered dish and you only have to serve the drinks and some small snacks like chips and salsa and crackers with cheese and lunch meat rolled up (around $10)
For serving the food you will need disposable napkins, cups, and plates (around $5)
Now you need is decorations! Grab 3 balloons from the Dollar Tree ($3 +tax) you can make free decorations if you already have art supplies, or you can ask an artsy friend to make you some decorations. (I will post how to make party decorations soon)
Finally you just need to play music from your computer or have musician friends play at your party.
As for invitations just invite people in person, by phone, or on social media.
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