If you do not know where to spend more in a room, start with the pieces doing the most work. I know how overwhelming it can feel when everything seems to need attention: the sofa, the rug, the lighting, the storage, the smaller details. But as a stylist, my answer is never to spend more on everything. That is not realistic, and honestly, it is not how thoughtful interiors are built.
We often talk about where to spend and save in your kitchen, but I think the same logic applies to a living room. Start with the pieces you use every day and the ones that visually carry the space. A sofa matters because it shapes how comfortable the room feels and how naturally you want to spend time there. A good rug anchors everything, while a considered media console or sideboard gives structure, especially when the TV wall feels like an afterthought. And lighting, of course, can completely shift the atmosphere.