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Help! Over-sized guest list, very tight budget, and other worries.

Well, the fiance and I have set a (tentative) date. But I'm getting really worried. It kind of feels like we aren't even planning a wedding. We'll talk about things we liked, search online for ideas, but nothing is set in stone yet. Mainly because we're both college students, and both working. My hours have been drastically cut so I'm making about 50 bucks a week, maybe. He's a server, so he comes home with some tips, but in this stupid economy nobody's tipping much anymore. He's lucky to come home with 20 bucks in his pocket, and forget about his checks. He has been making more than me check-wise lately, though. But we moved out into our own (rented) house a few months ago and things are extremely tight. I'm sorry I'm rambling and ranting, but I just need some advice. To make matters worse, his sister lives with us too. (Don't worry, she pays rent and utilities.) But she and I don't get along. She's volatile, unpredictable, and just an all-around bitch. His parents don't like me, either, and I'm not too fond of them. So he was told that (after a fight his sister and I had several weeks ago) I am no longer welcome in their house, even when we have children. They are not going to pay anything toward the rehearsal dinner, as is tradition, so that leaves us and my parents, who have an eighteen year old boy to send to college next month. We both come from very large families, and don't want to exclude anyone. But our guest list is now at 133 people, and I'm not even sure we've included everyone! I'm at the point where I'm considering just eloping, but I really want the dress and the cake and all of it. I'm afraid, though, that we can't pay for it and that our families won't do well thrown into a room together. I've also considered just cutting the guest list to the very essential people and having a destination wedding somewhere gorgeous. But there again, people will get their feelings hurt. How do I deal with all of this? There are so many details that are driving me crazy! Flowers, rings, centerpieces, venues, oh the madness of it all! Why, as brides, do we subject ourselves to this? I want a big wedding with all my family and friends there, but yet I also want something just very elegant, small, and totally simple! There are two sides of me in complete conflict! What do I do?????? 
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