So, I am sure if you are on Pinterest you have seen the new craze of painting rugs! Rugs can be expensive but they really do make all the difference in a room. Ikea has a great (inexpensive) rug that is supposed to work wonderfully for this project, check it out here! And you can make your own stencil (out of cardstock or contact paper), download a stencil (here) or purchase a stencil (there are a lot of great sites but Cutting Edge Stencils has been running some specials)!
This is on the top of my project list. Check out some that I have found: