Switch Out Textiles- For most people textiles greatly set the tone of the home. They bring in your pattern and color. My suggestion is to take down the drapes, pillows, comforters, etc. that have been bugging you (this might sound like a waste, but sell them on craigslist or a garage sale, you might be tired of them, but chances are they'll be just what someone else was looking for. And you'll make a little $ to put toward your new items).
Window Treatments can be pricey. I love the idea of scouring your local fabric stores and the internet for under $10/yd fabric and sewing them yourself. Most windows will only require a total of 6 or 7 yards. You can really make simple panels quite easily. You can also purchase $15 drapes at Ikea and add your own details like trim or I've even wondered about stenciling them.
This site is one of my favorites for trendy, inexpensive fabric. A few throw pillows go a long way!
Consider your furniture- Furniture is probably the most expensive thing to replace. Look at what you currently own in a new light. Does it have good bones? What would a little paint and some new hardware do for it?
I am in love with these night stands that Kristen transformed. Anyone of us could make that kind of change to our existing items.
Remember this kitchen table? (Restyled Home)I'm still going to do that to this guy.
And I can't wait to show you how my computer desk is turning out!
Edit- Take a good look at the accessories in your space. How do they make you feel when you look at them? (nerdy, I know, but seriously it helps) If you absolutely love it, keep it around. If its just filling a space to fill a space, take it down. Maybe you would love it in a different room or put to a different use (and if not, sell it).
Your room might feel a little empty for awhile. Which is exactly the state my living room is in right now. But I love what one designer said, ( I think Nate Berkus), "your home should look put together over time". Take the time to put pieces in your home that you love or have special meaning to you. Don't buy, just to buy.
I hope some of these tips will be helpful. I'll do a second post on updating your home next week:)