As S&P said, in order to answer this question, we need more information. For $500 US, you could have very lavish party for 2 with Champagne and Caviar or hero sandwiches and soda for 50.

Aside from what type of party or what it is for; how many people are you inviting?

Do you have a venue for the party or do you have to rent a space, which will probably take the whole $500?

How old are the attendees or what is the age range?

And is that 500 English pounds, Euros or US dollars?

We need more information. Is it a BBQ or a wedding shower? Help us out, here.