SPEND: Custom drapery is almost always a must for my projects. There are instances where you can "customize" ready-made panels by sewing several together so they don't look skimpy. I also suggest adding tapes, trims, and embellishments for personalized detail. The quality and longevity that custom-lined and interlined drapery can add to any project is definitely worth the splurge!

SAVE: On the saving side, I love repurposing furniture and giving it a new look to save dollars. It's a great idea to use less expensive store-bought or flea-market side tables, occasional chairs, and other pieces that don't get as much wear but add a lot to the look of a room. Think outside the box by painting these budget finds in fun colors, covering the top in wallpaper remnants, or reupholstering them in bright leftover fabrics.

SPEND: Lighting can distinguish your project like nothing else. So, whether it's lamps or installed fixtures, I think at least a few of your lighting pieces should be "investments." That can mean different things for different budgets, of course, but going the cheap route on lighting is often a bad idea. Scale is the first thing sacrificed in less-expensive lighting, and nothing looks worse than a skimpy lamp or chandelier.

SAVE: Try a skirt for a quick table solution. Using a skirt over a table form for side tables, entry tables, consoles, and even your dining table can be a way to look very stylish without investing in expensive wood pieces. Going for an inexpensive solid fabric for your skirt and banding in a contrast color can be easy on the pocketbook and fabulous for the aesthetic. Using nice box pleats or other design details can give a very custom look.

SPEND: Original artwork is a must for every successful design project. But not every piece needs to be original, and original doesn't necessarily mean expensive. My advice is to buy a few pieces of original artwork that you love at the best quality you can afford. Then have a goal for adding another piece each year, whether you save for it or get it for a special occasion. Before you know it, you will have a nice collection that sets your design apart.

SAVE: You don't have to forgo all your favorite designer fabrics just because your budget is tight. Use statement fabrics in small doses to create big effects: Covering just the fronts of pillows makes an impact while using only a yard of to-die-for textile. Using a less expensive complement for the pillow back really can save a lot of dough!

SPEND: Good upholstery is worth the money. Invest in a few key pieces, like the sofa and lounge chairs that are great quality and really comfy. And because great quality lasts longer, you'll be saving for years to come.

SAVE: Custom rugs are gorgeous, but usually pricey. My favorite alternative? Take patterned broadloom carpet intended to be installed wall-to-wall and have it bound into a custom-size and custom-looking rug. I am a fan of the room-sized version that is only 8- to 12-inches smaller than the perimeter of your room. It ensures that you are really maximizing the use of your "whole" floor space.

SPEND: A quality mattress is worth its weight in gold. Eight or more good hours of sleep is a must with our busy lifestyles, so nothing can be more important than getting a good night's rest. A cheap mattress is not an option!

SAVE: Bedroom furniture can be very expensive, especially if it is wood and upholstery. My recommendation is to use an upholstered headboard to save money but still go big on style. I love dramatic shapes for my headboards in fun and graphic fabrics that add a lot of bang for the buck. A king-sized headboard uses only four to five yards of fabric, and many of the big-box furniture stores and catalogs offer COM options for their well-priced headboard styles.

Photo credit: All images courtesy of Tobi Fairley Designs.

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Tobi Fairley is a nationally-acclaimed interior designer based in Little Rock, Arkansas. Named by Traditional Home Magazine as one of the Top 20 Young designers in America in 2009, Tobi's work has graced the cover of House Beautiful and been published in Traditional Home, Southern Living, and At Home in Arkansas numerous times. Tobi recently launched her own fabric line and will release several other products lines in 2012. Her DIY design service InBox Interiors and her Design Camps have been wildly successful. Tobi recently launched Tobi Fairley and Associates, a consulting group dedicated to helping firms with the business of design. She also blogs at Tobi's Blog.