1. You are thinking long term, so take the time to look, feel and touch and decide on which classic style you want to live with. Sit on the chair for 5 minutes - is it really comfortable?, stretch out on that couch, is it too narrow, too tall, too deep, too hard or too soft?
My shopping advice - Ikea for ideas for small spaces, and at a minimum a leather gallery showroom and two furniture stores, before you make a final decision.
If you plan to live with your choices for the long term and drop some serious money, you owe it to yourself and your wallet to do a bit of research.
Online is always an option, but not before you actually know what you really want.
2. Measure your space and draw up a plan - somehow it often revises your perspective and final choices:) or inspires new ideas.
Tip from an expert - always measure the furniture - do not believe the measurements given:)
3. Spend your money on a good armless couch, a good bed (with drawer space beneath), two good chairs and a table cum desk.
Always think double duty and don't fall into the trap of buying everything too small, just because your place is small.
4. Consider lamps, pictures, pillows, curtains/shades and side tables as exchangeable down the line - you will want to breathe some fresh air into your decor from time to time and that is a good, cheap way to do it.
Here is where you can save some money, but bring good quality and joy into your life - try Home Goods and Penney's and Dillards and places like PierI and Wayfair and Overstock.com online.
5. Do not fill your place to the max! Always leave some free space. It feels good to have breathing room:) - You always need to leave room for something new to come into your life ...
6. Do go vertical, but also remember that all those open shelves tend to look cluttered. There are tall, slim cabinets you can buy to stash your stuff - place one at either end of your couch, so they are out of the way.
7. Definitely consider how you will use your space - do you need room for projects (on a table plus dedicated storage space), puzzles, prefer a separate study place or like to sit at the table with your best friend having a coffee, or prefer unwinding on the couch with a beer watching TV after work or playing endless games or will you have friends over on occasion?
Blackout curtains or bare glass - bookcase, plants, art, an oriental carpet, or just a TV on the wall, next to your bike rack?:) or some of all of that?
Living essentials should be totally dependent upon you - this is your space and your life - what do you treasure and enjoy?
8. Kitchen - cooking at home is practically a must if you want to save money unless you are lucky enough to get free food at work. Get an Instapot so you can steam, cook perfect rice, pressure cook veggies and slow cook roasts and ribs. You have a range and an oven, use it for sauteeing whatever, fix breakfast etc.
I like Ikea and the Dollar store for setting up house on a budget, from brooms to pots and glass ware to dishes, but I always invest in a great coffeemaker, excuse me, the new term seems to be coffee bar:)
Have fun - enjoy your new space!