As a child the best part about having a birthday is the actual party!

I remember it was the highlight of my childhood when I was growing up. I'd get to pass out cupcakes at school, walk around with balloons and if your friends really liked you they'd decorate your locker. But of course, the birthday party was the most anticipated event of the year.

What did your birthday party consist of when you were a kid? A big birthday bash at home with all your friends and maybe a magician? Or some place like Chuck E Cheese?

The Daily Mail says that a new study found that parents are spending on average $450 on their kids' birthday parties... and this is BEFORE they spend $250 on presents.

The survey found the most expensive part of the party is the entertainment. Followed by the food, decorations and then party favors.

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Although parents are spending a lot of money, the majority say it's worth it and 2/3 of parents throw a birthday party for their child every year. However, 71% of people say they usually plan to cut back costs for the next year...

...but, of these, 81 per cent confess they rarely stick to this as they want their child to have the best party of the year compared to their friends."

How much is appropriate to spend on a child's birthday party?