What is Oscar® night without champagne? Wolfgang says it is a must-have, but that doesn't mean you have to spend a fortune. If you don't want to shell out big bucks for a bottle of bubbly, Wolfgang suggests offering your guests a variety of flavor enhancers. "You can have some raspberries, you can buy some peach puree for a Bellini. A little orange juice for people who like it with that...a little Cassis to add to it. That way you can actually change it a little bit," Wolfgang says. "When people arrive at your house it gives it, right away, a festive environment."

And don't skimp out and buy plastic champagne flutes, Wolfgang says those are perfectly fine for a pool party, but not for Academy Awards night! He does suggest buying paper plates to help with the cleanup—but be sure to look for high quality. And if you're lucky, you might be able to find them in Oscar gold!