NEW YORK (CNN/Money) - For many, ringing in the New Year will involve making a toast. Some people find it intimidating -- especially in front of a crowd.

But there are some ways to make toasting less stressful. Here are today's five tips to help you get the job done right.

There is not necessarily a right time to give a toast. Simply go for it when the moment seems right.

One thing to keep in mind, if you are planning to toast a guest of honor at a party, it is proper to wait until after the host has had the opportunity to do so. If you think the host has no intention of making one, then request to make one yourself.

When the time comes, get the room's attention by simply asking everyone in the room for a moment of their time. You may want to avoid gently tapping on a glass with a spoon -- you don't want to break it!

Before toasting, give the guests time to refill their glasses. When you give a toast, a good rule of thumb is to keep it to 2 to 4 minutes tops. The key is not to lose your audience's attention.

Just before you deliver your closing statement, ask your audience to rise. Say your closing statement and ask the others to raise their glasses.

First and foremost, don't start off the toast by apologizing for any problems you think you may have in delivering it. It lets your listeners know that you're uncomfortable and it may make them uncomfortable too.

In order to feel more comfortable, Toastmasters, an organization that coaches people with public speaking, says it sometimes helps to "know the room." Become familiar with the place you will speak and the people you will speak to. Realize these people don't want you to fail; the audience is on your side.

Being prepared with what you are going to say can also ease some of your anxiety, and of course you want to be eloquent. Speak slowly, clearly and loud enough (if a microphone is not available). You should always stand when making a toast. And standing up straight is smart. Therefore, don't drink too much before it's your turn to speak.

It is appropriate to open up the history books and tell some fun anecdotes during a toast. But avoid anything that will potentially embarrass you or others.

For example, bringing up an old flame, calling the groom a womanizer at his own wedding, singling out someone in the room and remarking on their appearance, or simply harping on a moment the person you are toasting would rather forget.

Keep the toast clean, especially if there are children in the room. Also, make sure to end on a bright note. You don't want to end your big moment with a downer.

Finally, you may not want to refer to any "inside jokes" which only a few people will understand.

Champagne is the traditional beverage of choice for making toasts. But it's certainly not the only option.

Joshua Wesson, founder of Best Cellars says, "There's a world of sparkling wine that doesn't come from that tiny place called Champagne...You may be pouring a lot of bubbles this season, but that doesn't mean you have to spend a lot of money."

In the $9 to $15 per bottle range, Wesson recommends Prosecco, which comes from Northeastern Italy. "It's a fun glass of wine that makes people happy and the quality is almost always good to very good."

Moving up in terms of price there's large selection of reserve Cava from Northeastern Spain. Cava is made from native Spanish grapes in the "champagne method" (double fermentation in the bottle), but it's not aged as long. Wesson says you can easily find some great reserve Cava in the $10 to $20 per bottle range.

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Wesson also recommends looking into Australian sparkling wines, which are made in the champagne method and can be had for about $15 to $20 per bottle.

Also in the $15 to $20 a bottle range, shoppers looking for great bubbles may also want to consider Cap Classiques from South Africa. If you can afford to spend $20 to $25 a bottle, Wesson says Methode Champenoise from Mendocino, Napa or Sonoma, California is a great bargain.

If you're not a drinker, non-alcoholic beverages such as soda and juice are acceptable substitutes at toast time but there are some more festive, bubbly alternatives. Why not try a non-alcoholic sparkler? Wesson recommends Ariel Brut Cuvee, which he says tastes just like the real thing and costs about $9.

If you are the one receiving the toast, stay seated. If you stand it seems as if you are congratulating yourself.

Rosanne Thomas of Protocol Advisors says the person being toasted never drinks to him/herself nor even touches their glass during the toast. However, the person being toasted should always stand up and respond to the toast when it is finished and thank the host for the gesture or make some comments of their own.

The rules change a bit if the toast is not directed at a particular person but is meant for everyone in the room. In that case, anyone can join in.

One more word to the wise, the toasters at www.intowine.com say one should never refuse to participate in a toast. It is more polite to participate with an empty glass or a glass of water than not to participate at all.

Gerri Willis is a personal finance editor for CNN Business News. Willis also hosts CNNfn's Open House, weekdays from Noon to 12:30 p.m. (ET). E-mail comments to 5tips@cnn.com.

Editor's note: Five Tips will resume on January 3rd.