What’s the dirtiest word in decorating? That’s right: budget.

Whether you have just a few $100 for a room makeover or tens of thousands, you’ll need to plan carefully and make tough choices to meet your bottom line. But budgeting isn’t all bad news: “Decorating on a budget isn’t about being cheap, it’s about being smart — making informed decisions and getting the best value for your money,” says interior designer Kristan Cunningham.

Give your imagination free reign. “Initially, at least, pretend that money is no object,” says interior designer Angelo Surmelis. Write down everything you’d like to do and buy. Be specific: Rather than just listing “more kitchen storage,” think about whether that means adding more cabinets or just a freestanding shelf. Although you’re indulging in a bit of fantasy, don’t forget to include the practical stuff that needs to be fixed or upgraded. Your fabulous new kitchen won’t look so fabulous if you don’t address structural issues like cracked plaster walls or uneven flooring.

“Determine how much work you’ll need to hire out, too,” Cunningham says. If you’re bringing in skilled trades people to paint, hang wallpaper, run wires for new lights, install flooring and so on, get at least three written estimates for each job before finalizing your budget.