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The idea of inviting a group of 8-year-olds into your home, then arming them with cake and streamers may seem akin to sticking your finger into a light socket-you know you`re asking for trouble.

The inevitability of the yearly birthday party can panic even veteran parents.

Adding to the anxiety are children`s expectations that this rite of passage probably should include clowns, tumbling artists, magicians, ponies and mounds of presents. Translation: expensive.

Children can`t be blamed for being ”I-want” machines. Their drive for excess comes from an over-commercialized society and the but-Johnny-has-one syndrome.

Throwing a successful birthday party does include presents, but it doesn`t require taking a second mortgage on the house.

”Birthdays are important memories to invest time into,” says Meredith Brokaw, co-author with Annie Gilbar of ”The Penny Whistle Birthday Party Book” (Fireside, $14).

”If you spend an extravagant amount on a party, it sends the wrong message to kids-money buys fun-rather than the fun of learning to be hospitable and of sharing time with others.”

So before guilt-ridden parents invest in extravaganzas, remember cake, friends and a rousing rendition of ”Happy Birthday.” c8