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I started out last spring with the same frame of mind. Less that 5k.
Turns out that snowballed. Both my mother and my future mother-in-law had been very involved in trying to cut corners in previous weddings and had unhappy memories/regrets about it.
For example, my now mother-in-law had agreed to serve the cake at her other daughters wedding... and missed the first dance between "father of the bride" and "bride". We had also attended a wedding where a friend was the dj, and he wasn't bad but he wasn't good. We had friends who don't have a single good photo from their wedding day because the skipped a photographer and had friends do it.
We did cut some corners. Most the flowers (less bouqets and boutineers) and decorations were done by cousins and friends. Cake was done by a non-professional that had strong references. We had a 1 and 2$ bar which was a reasonable comprimise.
We had an expensive day, but with no regrets from anyone invovled. I've been told by many it was the nicest wedding and reception they'd ever been to. I put in 3000 (plus her wedding band plus the honeymoon). My parents did about 5000 and hers did about 6500 (split in half + her gown).
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