I think this song is about a pair of newlyweds who are just starting to deal with everyday life together.

The husband, the narrator of the song, is a "daydream believer," which means he's a starry eyed romantic, while his bride is a wholesome, beautiful girl-next-door type (the kind of girl who gets eleoted "homecoming queen" at American high schools").

As the alarm clock goes off, he and his bride are waking up on an ordinary morning. He gets out of bed, gets washed and starts to shave.

He's telling his bride, "We used to idealize each other. You thought of me as your knight in shining armor, and I thought of you as Miss Perfect. But now that we're living together every day, you're seeing the real, ordinary, everyday me and I'm seeing the real ordinary you. And you know what? That's okay with me! The real me and the real you are going to be happy together... even though the honeymoon is now over, and we don't have two cents to our name!"