To save some money, you can replace the cognac in the punch recipe with brandy, and sauternes by one of these dessert wines: Château Coulac Sainte-Croix-du-Mont, Chateau La Croix Poulvère Louis Roche Monbazillac or Château Grand Peyruchet Loupiac.
It is preferable to prepare the punch in advance so that the flavours blend well and can chill. If you find the alcohol flavour too strong, add lots of ice to dilute the punch.