With the economy down and everyone struggling to make ends meet, the last thing on your mind is probably decorating your home. But just because you're cutting costs doesn't mean style has to take a backseat. There are lots of ways to keep your home in style without breaking the bank. You don't have to remodel your entire home—sometimes even a little change can go a long way.

Of course, one of the easiest solutions is to change your wall colors. After all, color is the most important element of home décor—it's the first and last thing that strikes the viewer when they enter or leave your home. If you don't feel like repainting all the walls, try painting just one or two. Choose a color that matches or complements your current scheme, and apply it to two opposite walls. This can give your room a whole new dimension that makes it a lot more interesting.

You can also try accessorizing with area rugs. Properly placed and in the right designs, rugs offer an instant, positive change in the overall look of your room. It doesn't cost as much to mix and match as carpets, and you also get a lot more variety. These days, you're no longer limited to overpriced pieces like Persian or Oriental rugs. You can choose from natural fibers and synthetic polypropylene, which are just as stylish and sturdy but go for a fraction of the price.

Rearranging your furniture is also a great way to update your décor. Try moving your sofa to a new spot closer to the window or fireplace. If the room is starting to look cramped, move the biggest items to the wall and leave a bare space in the middle of the room. Finish off with a nice patterned rug, and you have a stylish space for entertaining friends and family.

Finally, don't be afraid to add a personal touch to your home. If you have a piece of art or a collection that you want to show off, go ahead and display them around the house. These little accessories add a bit of "you" into the home and make it really your own.