Love vs. Money

I have been feeling conflicted for sometime about weddings, engagements and money. We all know that the economy sucks. A lot of my friends are getting laid off and things are tight for everyone right now. McG and I want to pay for everything ourselves and it will take awhile to save enough but I still feel like I shouldn't be wasting money on even the engagement stuff. Should we be saving our funds for a rainy day? What if we get laid off? Then there is the whole guilt complex I have about people who will have to pay to travel or pay for gifts. It just seems like too much right now. I would almost feel better just eloping and then having a big party when things turn around. How are you coping with the economy? What budget savvy tips did you discover along the way to the alter?