Our basement is tiny, so figuring out the configuration without spending 6-figures has always been a puzzle. We finally got rid of the huge bed in exchange for a sleeper sofa (40% off and brand new from a neighbor who couldn't get it through a narrow basement door), I added some Freecycle storage (I'll post that later), a Flor rug (also free), and a full bath (definitely not free). The only thing missing: a place to warm a meal or make coffee.
With the help of a Freecycle china cabinet, a curb alert sink, and a Freecycle microwave (not installed yet), we are 95% there! Just need a mini-fridge!