Engagement Party

My partner and I have been together for 10 years, and we got engaged this weekend. Everyone has asked if there will be an engagement party. It sounds lovely but…
I didn’t know they were a thing. What do you think, shall we throw a party whilst trying to save for a wedding? I’d rather put effort into planning for the big day. We don’t have a big house so we’d have to hire somewhere or go to the pub which we can’t afford (we just moved into our first home this year. We’re only just scraping by!)