This blog post discusses how to decorate a small living room on a budget. It recommends choosing a color scheme of light colors to make the room feel more spacious. Furniture choices should include a small sofa, armchair, side table, and entertainment center or TV stand to provide necessary seating and surfaces while not taking up too much space. Accessories like curtains, rugs, lamps, and artworks can be used to add visual interest without overwhelming the limited area.