Money will undoubtedly be one of the biggest stressors of planning your wedding. Whether you have a $5,000 budget, a $50,000 budget or even a $500,000 (I know!) budget, you will argue over money with someone. Somehow it will seem like whatever you have to spend is not enough.
The key to spending your money is that you have to balance it between all costs of your wedding. If your budget is $5,000, it wouldn't be wise to wear a $5,000 Reem Acra gown and pick up two litres of Pepsi and a package of Oreos to feed your guests. Nor would it be wise to spend $15,000 of your $50,000 on flowers and wearing both reception and ceremony gowns from Monique Lhuillier for a barbecue in the backyard. And I'm sure you can still have a lovely affair on your $500,000 budget if you choose not to spend $115,000 on lighting, $85,000 on a couture gown encrusted with Swarovski crystals hand beaded by little old ladies in nursing homes in Florida and embroidered with a custom designed family crest in gold thread and basically splurging on you and you alone while skimping on your guest meals.
If you're entertaining your guests with two litres of Pepsi and a package of Oreos, or worse, Hydrox, you should probably consider wearing something you already own. If you're wearing Reem Acra, your guests should be fed well. Spend enough so that you love how you look and you're happy, but don't skimp on your guests -- ever.
A truly wonderful wedding can truly be had on any budget, but a wonderful wedding cannot be had on a severely bride-skewed budget. It does throw the whole day off.