To party or not to party?

I'm already having second thoughts if I should still continue to have a party for Gelo's 1st birthday. I thought that instead of spending the money for the food, decors and giveaways I would just use the money to buy him lots of presents! But I already started planning for the party 3 months ago, and I already bought stuff that would be use for the party... So I guess, there would be no backing out for the party. I have to continue with the preparations since I already planned it. I just have to make the party simpler to cut cost on some expenses and not to spend too many moolahs for the party.