To start with I painted the room blue. New paint is always a big bang for your buck. Depending on the brand you buy this can cost anywhere from $25-$40, mine was in between. Plus about $15 in spray paint that I used to tie colors in.
Other than paint the bed was the biggest expense. We paid around $35. You can easily pick one up from a yard sale or even a friend. I opted to buy new to save myself painting it.
The bed spread was made by my mom and me for around $20. It was my inspiration for the rest of the room.
The toy box was an old chest I had been saving that I picked up for $5 at a yard sale. I used spray paint and letters from Michael's to turn it into they toy box. Total of about $8.
The curtains are actually shower curtains I found on clearance at Target. $6 each. I hung them using shower curtain hooks (makes them very easy for my son to open and close) that were also on clearance and matched fabulously! $8
The giraffe and letters were also brought from the nursery and simply painted. FREE!
Here is the over all look. The total is below :)
Sorry it's so dark! Hard to get a good pic with so much direct light.
Everything else in the room, including the closet system not shown, we already had. There isn't a whole bunch in there because his room is just for sleeping and quiet before bed times so I don't really need to deal with clutter or toy systems. So overall, every little thing included, the total for the room was right about $170. Now that is quite a bit for me but I collected and did it over about the course of 6-8 months so it really spaced out the cost. Areas to save would have been mostly the paint and bed. I could have easily gone much higher with the wall decor and curtains!