Invite your guests bring their favorite things to share with each other. The favorite things guidelines can easily be adjusted to fit the budgets of your guests.
If you plan the party for a smaller group, let each one know how many people will be attending (send your invites well in advance so you have an accurate RSVP number). Have guests buy enough of their favorite thing for each guest. The cost limit can vary to suit your invite list.
After cocktails, treats, appetizers, etc. everyone ghas a chance to present the favorite thing they selected and talk about why they love it. The BEST part is that you send your guests home with one of everyone's favorite things!
A more budget-conscious variation would be to have each guest bring one or two of their favorite things for under X amount of dollars. Plan an exchange game so that everyone gets something new to take home.
Well, now that I'm starting to plan this in my head - these are a few of my (reasonably priced) favorite things...
I could eat a Cookie Jar Blizzard every day. I'd probably have to use a DQ gift card for party purposes.
A.dor.able Kate Spade pencils for $8.00 from Crane.com. Just to to resist writing something with these.
Pretty much anything that's soft and warm will make my list. I live for cozy slippers! 
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