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Most children are enthtalled by bright colors and pretty things. To a young child, party favors might be the most important thing about their birthday party. For many families, the ideal is something both affordable and fun. Pick a budget per child and try to find a few small toys that fit the theme of the party.
Make sure your party favors are age-appropriate and safe for your guests. If you are having a range of ages at a party, create two different sets of toys so that the younger children don't get toys not suitable. Inexpensive toys like play dough, small sets of building blocks, or stickers can be plenty.