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So maybe the sock monkey isn't the focal point of this room, but I feel like it was its inspiration. The cross bright stitch pillow and doilies (yes, doilies can be cool!) draped on the furniture make the room feel homey and cozy, even though the furnishings are sparse and fairly utilitarian. Making things feel homey means you can mix and match different colors of wood an metal (thrift store shopping, anyone?) and still tie it all together with neutrals like the rug and futon cover to make it feel "eclectic" rather than mis-matched.
I've always loved the idea of raising a bed and putting a desk / study area underneath (it's a very efficient use of space and it just looks neat) but I don't know if I'd trust myself on that bed-- its supports look too thin for my fat American ass.