Well our nursey is Pooh, using those stickers. We did the top half of the room washy sky colour, you know loads of water and little paint splashed about a bit (DH did it in half hour!) The bottom half green, but with hills and valleys (just a wavy line really, but sort of up and down across one wall) Then a big yellow sun painted on, stickers in little scenes, a cheap blackout blind (white but painted with spare washy sky colour) yellow gauzy curatins for effect (IKEA) and red gloss paintwork. By the time we added an airplane light fitting a borrow cot (painted red!) and an old chest of drawers, MDF and paint to make a great yellow changing table with tress trunk sides! we had spent the grand total of less than £100!
Our toddler now has pink stripy walls (all over pale pink, then used one of those narrow rollers free hand 4 inch stripes in darker pink) looks like the inside of a circus tent! Fun Fairy bedlinen (Laura Ashley - v.expensive), fun fairy curtains, lined with shocking pink (I dyed it), and pine bed etc. We love this room, and aside from the expensive fabric (about £100 for curtains and duvet) it cost us £20 for two pots of pink paint, and about £3 for a roller.
We can't wait to do the nusery when the baby is ready for ger big bed in a year, I've got it all planned! Soft cornflower blue (leaving the ceiling sky coloured from before!) With hand painted 4 inch white and yellow daisys. Leave the yellow curtains, but add a blue pair too. I've seen embroidered bedlinen too! Once we have painted over the old furniture, got the MDF out and made a few shelves with edges, I thibk we'll spend about £100 in total!
I love doing up rooms, I would find a fabric you like first, since you can always get paint to match, rather than choosing a paint colour.