When I got married 5 years ago, we planned a beautiful wedding in 6 weeks for under $1000. My then-fiance, now-husband is from Ecuador and we were planning to wait several months, but his employer decided not to apply to extend his work visa at the last minute so we had to hurry. Anyway, friends provided food for the reception and one friend let me borrow a bunch of silver platters and servingware she had recently inherited from her mother. We did most of the decorating ourselves. Friends sang and played the piano for the ceremony. We got to choose whatever songs we wanted. My mom made my dress and all the bridesmaids' dresses. She also made the wedding cake. She is a teacher and this was during the summer, so she had time--I guess not everyone has that luxury. She has also made wedding cakes to earn extra cash for years so she's good at that. I guess not everybody has a mom who can do that. For flowers, I called a florist and said I wanted pink flowers for my bridesmaids and myself and told her how much I could spend. She created beautiful bouquets and it was a neat surprise to see what kind of flowers I would have on the day of the wedding. For the usher's and groomsmens boutonnières we went to a couple of grocery stores and bought pink roses and made them ourselves. We had a friend do the photography. He wasn't a professional but we took lots of shots and we have the negatives so we can print as many as we want. We also had a friend video the ceremony. Later he gave us the raw tapes and a really nice edited version. Instead of a rehearsal dinner, we had a rehearsal ice cream social.
We did several special things that didn't cost much. We had a friend perform the ceremony who spoke Spanish and English so the whole thing was bilingual. The flowergirl (whose parents provided her dress-- I told her mom to buy something she could get some use out of later in either white or pale green) tossed dried rose petals from flowers my husband bought me while we were dating.
Placecards just keep people from sitting where they want to and with the people they want, and favors become clutter that is likely to be thrown away within a few weeks.
"A few thousand" could cover groceries for the first year of your marriage.
The wedding is one day. It is meant to be a special day, but it certainly doesn't have to cost a fortune to be special. Think about what makes your relationship special and see if you can work that into the ceremony--you may be surprised that the most special things cost nothing extra. For us, it was the blending of 2 cultures in addition to 2 lives, so we chose to have a bilingual ceremony.