We cut a few things to keep us under budget:
We did a sparking cider toast rather then a champagne toast. We had a fair amount of under 21 guests, and most of our guests aren't big into champagne anyway. And some of them didn't even notice!
We also scaled down our cocktail hour. Kept it to cheese and crackers, fruits and vegetables, stuff like that. I wanted to make sure people still had room for the dinner that we were serving! Again, no one noticed, and we did get a lot of compliments on the cocktail hour food too.
We didn't give out favors. We decided to put that money into doing an Illuminations Dessert Party. The dessert party was definitely more memorable then any favor we could have given.
HTH. Like Ahutton said, if you give us more details as to what you are doing, we can give you specific ideas on what to cut. We did the MK photo shoot 2 days after our wedding. I'm glad we did it, but I am a huge Princess nut and there was no way I was going to pass up that chance! If you aren't so attached to MK, you could do an EPCOT photo shoot, I believe that is a couple hundred dollars cheaper. Or do a honeymoon photo shoot in MK. You don't get to wear your bridal atire, but it is a great way to get some fun pictures of you in MK, for $295 rather then $700.