Most people who like to be fresh and fashionable with their wardrobes also like to feel up to date with their homes. But unless you have an unlimited budget and can afford to pay an interior decorator more than $150 per hour, decorating can be time-consuming, expensive and stressful. Especially if you are just starting out.

So many styles to choose from. The soft, inviting textures of Classic Contemporary, to the simplified shapes of the Modern look; or for the artsy types, how about the mixing and matching of old and new furniture to achieve the eclectic style. You can go round and round until your head starts to spin.

Let's just say you're lucky enough to settle on a style. Then the real headache begins. How do you arrange the furniture in your house or apartment? When does stuff become clutter?

What color do you choose? And if you commit to purchasing a pillow, what does that say about your personal taste? To make your life easier, we asked the kings of home décor for some simple tips. Susan Feldman, co-founder of One Kings Lane, the online retailer for home decor and furniture that's now valued at almost $1 billion, sat down with ABC News chief business & economics correspondent Rebecca Jarvis, who also hosts the hit digital show "Real Biz."

Here are some tips from Feldman on how to transform your place into a palace. And three major decorating mistake to avoid.

SIX THINGS TO THINK ABOUT WHEN DECORATING YOUR HOME

COLOR

- Try to pick a color palate that you like to wear. You'll feel more comfortable and at home in a space that reflects the colors you typically pick in apparel. You know you will look good!

- Focus on your walls and flooring options first. Picking paint colors and selecting a rug or other floor covering will help build the basic foundation for a room.

LIGHTING

- Lighting makes or breaks a room. Once you have your furniture in place, think about where you are placing your lighting and make sure to use a variety of floor and table lamps in your space for a relaxed and flattering effect.

ART

- Personalize your space. Take an old picture and blow it up or display interesting pieces that you've brought back from your travels. These little touches can make your home look and feel more like a reflection of you and your family.

FURNITURE PLACEMENT

- Don't push your furniture against the walls. Instead, think about bringing furniture pieces together and creating more intimate settings within a space.

- As we say at One Kings Lane, "Design is Never Done." Start with your foundational pieces, and then keep building on that by adding more layers over time.

THREE MAJOR DECORATING MISTAKES TO AVOID

- Picking furniture that is too "matchy matchy." A space looks much more interesting and inviting when you blend different textures and colors together and mix vintage and contemporary pieces.

- Cluttered decorative accessories and furniture. Less is more. Over-clutter is bad.

- Getting your proportions wrong. For example, a small rug can make a small room appear tiny, whereas a larger rug will fill up the room and visually expand the space.