Best of luck putting your room together my friend! There are plenty of very knowledgeable and helpful guys and girls on these forums - the only thing is that there's always someone who's going to tell you that you really should spend more... ;) But that's okay, it's good to have a clear view of the solutions in all price ranges.
 
Bass trap wise, foam is not ideal - but it's the best I can do now. It doesn't absorb sound the way home made fiberglass traps would. But based on what I'm hearing right now, and the test I've made putting them on and off before properly installing them, the room does sound less boomy/fluttery, and the sound seems more stable.
 
The first result of the work I've done is that I can now identify other issues in the room, and narrow down their point of origin - like that very nasty ringing in the back of the room, a series of zipping reflections. I know that this needs some serious attention. 
 
But I had to start somewhere, even though I wasn't sure what this room's more particular issues were - it was such a mix of them... So I went with the good old basics - corners, back wall, had my wife move a mirror along the wall and determine the spots which needed more urgent attention.
 
So that's where I'm at...
 
Me, I'm useless with tools. I had planned on building bass traps with the help of my wife, but time flies, it's been over a year since we've moved here and it's just not in the cards. There's plenty of funnier things to do when my lovely lady is off than to have her cut fiberglass at 120 degrees in the garage...