The honeymoon!
What elements should I splurge on when planning my wedding?
You need to make an overall budget and then decide from there what is most important to you and what you can skimp on. The thing to remember most is it is your wedding. Others will give opinions and some will flat out tell you what they think you should do. Don't listen to them. It is YOUR day, YOUR ceremony, and YOUR celebration. Do what is right for YOU. (That you includes your spouse to be.)
Save the money!