This one is more of a personal call than a point of etiquette. Consider two things:
First, guests you or your fiancé are very close to may still expect and be excited to receive an invitation to your wedding, even though they can’t attend.
Second, it’s best not to send invitations to guests who aren’t in your close friend/family circle, as there is an obligation to send you a wedding present. Sending invitations to any and everyone can look like a grab for gifts. Guests who are very close to you would likely have purchased a gift regardless, thus making the extension of an invitation a nice courtesy.
Budget note: One way to keep stationery costs down is to keep the wedding guest list simple, excluding any guests you know for certain can’t be there.