Open storage using an Ikea system (discontinued) was a very effective and inexpensive way to put a closet in our bedroom. We use it in each of the boys' rooms and in the living room as well. Plastic storage boxes fit neatly underneath and above.
5 Smart IKEA Hacks: VITTSJÖ Projects & Transformations - leafing is a great way to glam up formerly black metal, and adds more texture than paint. Learn how to get this great finish over at The Hunted Interior.