Now, how is this room been done on a budget? Fairly easy. The furniture and lamps are from Ikea, the bedding is from Overstock.com and the pictures are from Kirkland's clearance. I already had the the other accessories and sheets, so my only splurge in this entire room was the luggage rack from Bed, Bath & Beyond.
I love to have company and entertain, and I think this room is very welcoming. I'm the one in our family and friends that is located closest to the beach and in the warmest year round climate of all, and now that we're pretty much settled in (we just moved here in May), I hope that they all start showing up, especially when they get cold up north.
I also have another guest room downstairs that just needs a bit more artwork before I post pictures, and it was truly done on a budget, because the cost of that furniture was free, thanks to my lovely daughter and son-in-law! Can't wait to show you that one too!
So, you can decorate a guest room on a budget, that feels welcoming. Good luck on all of your decorating journeys!