As the economy slows down, many families are keeping a careful eye on their optional spending. Even if your family is on a tight budget, there are some simple things that you can do to make your space more comfortable, organized, and stylish. Check out these tips for revitalizing your living room on a budget of $500.

Susan Jamieson, owner of Bridget Beari Designs, shows off a radiator air return duct hanging as a piece of art in her home.

Come up with a plan
Before you start to make any changes to your home, know what your goals are and how you are going to go about approaching them. “The first thing you should do is come up with a plan,” says Jamie Coffey, creative director at Williams & Sherrill. “That may mean hiring a consultant to come and work with you so that when you do have money, you’re spending it wisely.” Remember, you are not spending the money for temporary changes; you are spending it for a total, long-lasting look.

Update your pillows and slipcovers
Select a pattern of fabric that works well for your living room and use it to create pillows or slipcovers. “If you change just the pillows on a sofa, it creates a brand new look for a room,” says Susan Jamieson, owner of Bridget Beari Designs. Slipcovering a sofa or armchair tends to be more costly, especially if you have to hire someone to make the slipcover by hand. However, slipcovers can be rotated with each season year after year.

Get a statement piece
Select a stylish or meaningful statement piece that will serve as a focal point for your room. “Put the bulk of your money in a statement piece like a piece of art or a rug,” says Rob Cline, store manager and head design consultant for These Four Walls, Global Home Furnishings. Cline suggests starting with accessories that you already have, then shopping for specialized items.

Above: Rob Cline, head design consultant at These Four Walls, Global Home Furnishings, suggests investing in a statement piece. Below: Vicki Macenka likes the idea of bringing the outdoors in by using natural materials in a vase or favorite bowl. She is the owner of Daydreams Interior Specialties.

Refurbish old furniture
Find an old piece of furniture, such as a table or shelf, and refurbish it for a splash of something new. “Go to a yard sale, or look on eBay or Craigslist for a deal,” says Jamieson. “Spray paint a table with black lacquer, for example. Find things you can be creative with.” Something as simple and common as a radiator cover can make a stylish wall hanging, notes Jamieson.

Get organized
Use a well-marked shelving system to organize your belongings, including blankets, toys, media items, and games, suggests Olivia Ackery, owner of A Sorted Affair, a home-organization company. “If you don’t already have built-in shelves, you can buy an inexpensive Ikea shelf and put canvas or rattan storage bins on it.” Label the storage containers, suggests Ackery. “With any kind of storage system, you want to make sure it has a label on it so it’s easy to get stuff in and out of.” In addition to using wall shelves, a storage ottoman also provides a stylish way to tuck away belongings without creating visual clutter.

Add some trim
Adding trim to your windows, walls, and ceilings provides visual interest and improves the look of any room without breaking the bank. “It is inexpensive to add some kind of trim detail like a chair rail or picture trim,” says Justin Gilmer, owner of Riverside Renovations, LLC. “You can usually trim out a room with a single member crown molding for less than $500. Depending on the size of the room, you may also be able to add wainscoting around the base.” Materials for trim are not expensive, notes Gilmer. The majority of your budget will be spent on the labor, so be sure to shop around for the right contractor.

Bring the outside in
The décor for your living room can combine elements of the outside with well-planned accessories to create splashes of color and visual interest. “You can find a spectacular looking branch and put it in an oversize vase,” suggests Vicki Macenka, owner of Daydreams Interior Specialties. “You can put the vase where you need color.” Macenka also recommends taking a favorite bowl and filling it with elements from the outdoors, such as pine cones or pebbles.

Paint your walls
Finally, one of the most effective interior design solutions for people on a budget is to change the paint color on the walls. “Paint is cheap, and if you’re willing to put in some of the work yourself, it can be the most effective and dramatic change to a room,” says Coffey. Be sure that you understand how the paint will work with the room in the daylight and at night by taping a paint sample to the wall before you paint the entire room.

Justin Gilmer, owner of Riverside Renovations, LLC, installs crown molding in a living room, an easy and affordable way to change the feel of a room.

No matter how large or small your budget is, you can always find small ways to create big changes that will leave you and your family feeling refreshed. Work in stages, if you have to, or call in a professional designer for assistance in helping you meet your goals and to stay on budget throughout the design process. Remember: start with a plan that works within your budget in order to ensure that you get the results you want.