Ring in the New Year without breaking the bank. This year there’s plenty of budget-friendly New Year’s options to help celebrate 2012 in style. Trust me, the champagne will taste that much sweeter when you know you still have cab fare for the ride home!

Each New Year’s Eve party below is priced under $50 per person. Cheers!

(credit: timothyotooles.com)

On Saturday, December 31, Timothy O’Toole’s Pub, located below-ground at Ontario and Fairbanks in Streeterville, will offer new year’s eve celebrants an affordable way to ring in 2012.

A $20 entry charge will include the choice of a “champagne of beers” (one 24-ounce Miller High Life tallboy) or a champagne split, along with a midnight appetizer buffet, karaoke, DJ-spun party hits and party favors. The live, televised countdown will be shown on over 75 screens throughout the Pub. This New Year’s Eve event will make for one of the best deals downtown.

Saturday, December 31
9 p.m. to 3 a.m.

Priced at $30, Silver Cloud offers an affordable New Year’s option in Bucktown. A four-course dinner includes a half-bottle of wine.

The menu includes your choice of appetizer, soup or salad, prime rib, salmon cakes, cider chicken, Maine lobster (for $9.95 extra) and a choice of dessert.

Saturday, December 31
5 p.m. – 11 p.m.

Park Grill’s New Year’s Eve dinner parties, taking place in the heart of Millennium Park under the “bean” and adjacent to the picturesque outdoor ice rink, will consist of two custom packages.

The first dinner, the Wine and Dine package, is a family-friendly affair. Seatings, taking place between 6-9 p.m, will include a children’s menu ($5.95) complete with kid’s mocktails and gourmet hot chocolate ($4 each) for the little celebrants. Adult guests may partake in the three-course tasting menu ($50) with optional wine pairings ($35). As an added bonus for early New Year’s Eve guests, select bottles of wine will be available at a 50-percent discount. Entertainment will be provided by the Lizz& Rex Jazz Trio. The ice arena will be open for skating under the stars. The second dinner party is over the $50 price point ($80) but is still a great bang for your buck. More details and reservations can be found on their website.

Saturday, December 31
6 p.m. to 1 a.m.

Chef Kevin Abshire prepares a four-course dinner including a glass of Prosecco. Bottles of Prosecco are available for $20.

The menu includes fried struffoli, cotechino sausage with braised lentils, baccala potato ravioli, Roman-style pork roast and panettone bread pudding.

December 31 : 5 p.m. – 11 p.m.

(credit: Getty Images / Getty Entertainment)

Cantina Laredo, the new River North mecca of modern Mexican cuisine offers a fun and festive way to finalize 2011 and welcome 2012. In addition to the a la carte lunch, dinner and brunch offerings available throughout New Year’s weekend, Executive Chef Larry Sinclair has created a three-course prix fixe menu that is paired with creative, tequila cocktails. This special set menu will be available from Friday, December 30 to Sunday, January 1 for $49 per guest.

Friday, December 30 – Sunday, January 1

(credit: ShirazOnTheWater.com)

For a suburban alternative, try Shiraz on the Water. Shiraz on the Water, the contemporary American restaurant located above the water on the grounds of the Hilton Indian Lakes Resort, will offer a five-course menu with champagne toast on New Year’s Eve. Dine out and ring in 2012 while Executive Chef Carol Buckantz prepares a fabulous and festive meal for you and your celebrants.

The prix fixe menu ($45 per guest, tax and gratuity not included) is offered from 5 p.m. to 10 p.m. Reservations may be made by calling Shiraz on the Water at 630.671.5013.

Saturday, December 31
5 p.m. to 10 p.m.

Lauren Wulf, CBS Chicago

Lauren Wulf writes about living in Chicago on a budget on her website, A Poor Girl’s Guide Chicago.