Sweet Deliverance...while I'm not in either category, I have helped a good friend plan her wedding with funds coming from her and her fiance only. As such: 
 
1. Hold the wedding and reception in the same room/location (if you're not having the wedding in a church, that is) 
2. Cut the alchol entirely (although my friend had a full open bar, I know how much that costs). 
3. Carefully consider the # of guests (if you calculate price per head, you'll see what I mean). 
4. Provide party favors that either you can make, or that are truly refelctive of your life/theme of the wedding.  If all you can find is the old engraved champagne glass or the robin's eggs candy in tulle, I'd just save the $--the guests don't want it anyway. 
 
What I wouldn't skimp on: 
1. Photograhpy: if you can afford, have the photographer snapping shots during the wedding, the reception and in between both. Get both B&W as well as color. 
2. Food: If you go buffet, have at least two serving lines with identical food. Theme (Asian, French, Ethiopian, Jamacian) the reception food: allows you more leeway with decorations/utensils.  My friend had serving areas: Asian, California, and Hof Brau. 
3. Music: nothing worse than a bad band, DJ or quartet.  Spend the cash to ensure that the quartet attends a couple of rehearsals with you--the worst is to have the quartet be out of step with your wedding march. 
 
I could go on, and a bit off topic to boot, but you get the point, LOL. 
-shela 
 
 
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