1) Make it intimate. Spend your wedding day with your closest family and friends and then send announcements to extended family and acquaintances after the wedding day.
2) Choose 2 or 3 areas of your wedding you really want to focus on like floral, photography and food, or location, food, and entertainment and spend the bulk of your budget here. Let the rest of your planning "to do" list fall into place and in line budget wise with where each item falls on your priorities list.
3) Go thrifting! Many clients have had great success both style and wallet wise by finding decor pieces for the tabletop at estate sales, flea markets, and online at sites like eBay and craigslist. The best part is after the wedding you can use these pieces in your new home or gift them to friends and relatives.
4) Get creative with your menu selections. Not only are there more options out there than filet and lobster, but many of them show off your personal style and food favorites as a couple much better! Your presentation of the meal can be creative too - try active food stations where guests can watch as a chef prepares their meal, or serve a multiple course tapas-style meal where guests are served a series of small plates to up your flavor quotient.
5) Forget the fully stocked bar and offer guests a selection of fine wines, champagne, and beer. You can add 1-2 signature cocktails to the mix to personalize it for your guests while still keeping the costs down.
These certainly aren't the only ways to maximize your bottom line, but they're a start as you begin your planning. Above all, remember that finding something inexpensive ("a value") doesn't always equate to finding something of value.