There's quite a few ways you can save money. First, you can save a LOT on the big things, or, you can save less on the little things, but they do add up. The first thing you need to do is decide which elements of the wedding are the most important to you. Rate the different elements: is photography really important? Having a summer wedding? Wearing a Reem Acra gown? Inviting 200 people?
First--the wedding and reception itself. That's where most of your money goes, and how you will save the most. When you have it, what kind, where, and how many guests. Winter dates are cheaper than summer. Thursday and Friday night, Saturday and Sunday afternoon are all much cheaper. And, of course, there's a wide range depending where you have the reception. That's actually the biggest expense or savings. We're going with the Mansion at Timber Point, because it's lovely and historical, but also affordable. But there are many others. Buffets are cheaper than sit-down dinners. Cocktail receptions are the cheapest of all. And there's one more big variable: the number of guests. 100 guests are much cheaper than 250. Keep that in mind. Do you really need all your coworkers? Etc.
Then you can save with smaller things--smaller packages with the photographer and/or videographer. DIY invites and STDs. Skipping the floral centerpieces, or doing them yourself (I'm doing my own flowers with freshroses.com.) You can save a bundle on your gown by getting it from an online vendor like Netbride or RK Bridal. Even if you don't want to do that--I'm not, because I have limited time--you can save a lot by shopping around and getting vendors to match prices. If you really want to save, buy a previously worn dress from eBay or a consignment shop, from LIW or the Knot. There are a lot of ways to buy previously worn dresses. You can often get a free tux for the groom if enough groomsmen rent.
If you have access to a decent printer you can do much of the printing yourself. Even if you don't, you can still DIY a lot--buy the invites designed and printed but not assembled and you can save money. Pocketfold invites and boxed invites are really popular, but they're not necessary, they're expensive, and they cost more in postage. If you want the invites to be nicer than you can do yourself, that's fine, but you can still save by doing your own STD's, programs, menu cards, & place cards.
Other things that can be DIY'ed are the guest book--buy an inexpensive one and decorate it. Same with the card box. And nearly all your decor can be made at home by you, your family, and your brideslaves, sorry, bridesmaids.
A lot of things that have become common can be skipped entirely or majorly downgraded. Such as the favors. We're not having them at all--we've both been to weddings where half or even most of the favors got left behind, and where the edible favors got eaten before the end of dinner. Out of town packages are lovely but cost a LOT. Many people have never even heard of them, as they're a fairly new thing, so they won't notice if you don't bother. And the bathroom box--it's nice, but not necessary, and a lot of RH have those items anyway.
The most recent InStyle Weddings had a good guide to saving money, things like don't give everyone a poured glass of champagne for the toast, have servers go round with glasses on trays, because many people won't want them, and the poured champagne goes to waste. Depending on the number of guests, you can save hundreds.
That's all I can think of right now. As I said, you will save most of your money on the reception. Think hard about how many people you want to invite, when, and to where. Or...have a lovely destination wedding. They can be fun, luxurious, and much, much more affordable than a big reception on Long Island! Keep in mind, though, that if you don't invite people to the actual wedding, they're not obigated to give you a gift.
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