If you've never used slipcovers before, you'd be surprised at what a difference they can make. Purchase an inexpensive slipcover in a color you've always loved, but never had the pluck to purchase. Before you purchase, make sure it matches your existing décor; then simply slip it on your sofa, and see what it does for the room. Or, pick out a few funky, fashionable pillows to liven up your living room. Try floor pillows to create additional seating, or throw pillows to add decorative flair.
Use the same trick for a bedroom that needs a new look. Try embellishing inexpensive, plain pillows with a variety of decorative items like iron-ons, tassels, buttons and more.