Speakers

For parties the PA speakers. DO NOT use studio monitor for parties. They might be ok for mixing in your bedroom at home but all you will do is damage them for anything larger as thats not what they were designed for. You’d be surprised how much people soak up the sound.

Yes you would need both, but like was mentioned before, they specific purpose for each type of speaker. Monitors in the Bedroom, PA for Parties no matter how small (10 to 500 people). now you have to look at what montiors you want. Happy mixing 🙂

For mixing and if you are on a budget the M-Audio AV 40 is a good speaker. It is not really total flat response, so I would not take it for producing, but for mixing and playing in the bedroom they are pretty good and more value than some speakers that cost twice as much.
If you want to get more serious the KRK Rockit line are still kinda cheap for monitors, but their response is really good and I like their punch. I have the Rockit 6 myself and also use them for production.
You can of course also invest even more and go for some Adams or the like, yes there is still a difference etc.
Like Steelo said, you get what you pay for, but there are some cheaper speakers that still deliver decent tone.