The only large expense at ours was the rings, and clearly that was easily mitigated if we'd wanted to.
First, as others have said, only buy into those aspects of a trad wedding that are important to you, not family, not friends, you as a couple.
Choosing an unpopular day is good, we got married on a Monday and so had our pick of slots at the registry office.
We had a champers reception at the hotel, with just enough people that they gave us one of the hotel bars for nothing, good move. Then a meal at a local restaurant, which I told them was a "family party" (45 of us, though, not 120) as everything goes up hugely in price if you say it's for a wedding. As it was end of Nov, they were actually offering their Xmas menu for 20% off so I just told everyone they had to order off the Xmas menu! Bargain! That won't work in June, though ... (but booking a venue saying it's a family party may save you a shedload).
No photographer, in fact I got random strangers to take pictures of us all in the local park.
FWIW, I do keep hand-made invitations, wouldn't expect anyone to have kept one of mine, which were just the bog standard 'fill in the blanks' jobbies from WHSmith.
Favours - one lovely wedding I went to with a butterfly theme (reception in Kew Gardens, fabulous) the favours were packets of seeds, hand tied with ribbons and whatnot. Well the packets of seeds themselves cost all of 10p from Wilcos. But it was a lovely gesture, plant some wild flowers to encourage the butterflies.
And congratulations!