Tea party? I did that when my daughter turned 8, and it cost me next to nothing. I have 3 sets of inherited china, so I had all the "pretties".
For food I did finger type foods (pb&j's, pimento cheese cut into hearts with cookie cutters), fresh fruit kabobs and mini cupcakes. I had a cupcake stand and put her candles on the top cupcake. It was fun, cute, and I threw in a few lessons on etiquette at the same time. haha.
They also were told on the invitations to come in their best party dress. I had boas and big easter bonnet style hats for them to wear as well (I'm a dance teacher). It was a blast.
Good luck!