[pearlieq]

I don't see anything wrong with it. $70 is a pretty reasonable amount for what you're getting, and I don't see why sharing his birthday party with friends would be any less enjoyable, especially at that age.

I guess the only thing I could see going "wrong" would be if one birthday child got significantly more/better presents than the other child. But that's not very likely to happen.

Could you do a party cheaper? Sure. A nice party for small kids could easily be had for around $20 or so (homemade cake, "free" games/entertainment like tag, musical chairs, etc., decorated cookies for the kids to take home as favors...) but if you've got the money to spend, $70 is certainly not unreasonable and splitting the cost with the friend is a great cost-saving idea.

I hope it's a great time!