Wife and I were broke grad students when we got married. Reception was standardish (dinner, dancing, cake—her family paid for it). Honeymoon was a conference she was going to in San Diego.
We did the honeymoon first though- went to a rural town and stayed at a b&b while we waited the three days for the marriage license. Then went out for ice cream and drove home.
A young couple I know will marry when their house is built. It will be at least several years. The more they see friends spending lots on weddings, the closer they are to the parents only wedding or eloping. I have to admit I'm nudging them just a little.