Rather than painting everything in the room Black, White and Grey - Why not adjust your color palette instead and paint everything Black, Cream and Taupe and include small red accents (Vases/pillows) so that this chair as it exists will fit cohesively into your revised space?

You'd probably be better off in the long run if you put the money from any potential temporary fix towards a future reupholstery job. Maybe an existing throw and a pillow will make it more presentable until then.

Enjoy your updated bedroom!

Yeah, maybe a throw that matches the new room draped across (like folded, not covering the whole chair ghost style) and a yellow pillow. Then, if you really love the chair later when you have the money, you could get it reupholstered

A while ago, AT posted a review of fabric spray paint; you might be able to paint this chair black or gray as a temporary fix. http://www.fabricspraypaint.com/

I've never used this, but it sounds pretty easy.

Slipcovers will cover a multitude of sins and are not too hard to make if you have some sewing skills or know someone who does. Good luck

I agree just putting a throw over the chair. Since you are doing yellow take it down a few notches and do mustard or gold
something like these-
Satin one is to die for-
http://www.toast.co.uk/product/blankets and throws/63RS2/satin quilt.htm?categoryref=%2fcategory2.aspx%3fcategoryid%3dblankets%2520and%2520throws%26seoterm%3dblankets%2520and%2520throws%26&pcat=blankets%20and%20throws

or chunky knit-
http://www.toast.co.uk/product/blankets and throws/6QCA2/chunky handknit throw.htm?categoryref=%2fcategory2.aspx%3fcategoryid%3dblankets%2520and%2520throws%26seoterm%3dblankets%2520and%2520throws%26&pcat=blankets%20and%20throws

or this print - charcoal
http://www.designersguild.com/usa-shop-online/blankets-and-throws/almavia/

I remembered Toast does not allow you to link- go to Blankets and throws see the satin quilt in gold and the chunky knit in mustard color..they are both beautiful. I can confirm anything I have purchased from Toast is top quality.

I'm in a similar situation. I have just started recovering our chair myself. I bought the Singer Upholstery book for $5 and about $60 worth of fabric, which is all I really had to spend. I figure if I screw it up, I am not out too much. But so far so good. Slow and steady.

Good luck.

Recliners are a little harder to slipcover or upholster yourself.

I have done this as a kind of patch on this kind of thing furniture i can't afford to recover.

I have found a home dec fabric i like that doesn't clash with the current upholstery and goes with my room.

I buy a length so in this case i would measure the inside back the seat the from the floor to the seat, plus maybe 1/2 the length of the back.

i fold the fabric in half and sandwich some quilt batting inside, and quilt it--could be decorative quilting, sometimes i just do stripes across or the length---

and i drape the long quilted piece so it covers the inside of the chair, down the back and front---so all you really see is the arms--and then tuck in---it usually fits very neatly inside the chair, is comfy, can be taken off and washed---sometimes i prop a contrasting throw pillow in the chair to distract from the arms still showing.

the long custom fit "throw" is very tailored and the quilting seems to keep it flat and neat, not wrinkly like a throw might be if sat on.

Paint it! Use the chair as your canvas.

yes, I like the paint idea -- and layer a throw or two on top. maybe even run a sheepskin up the middle!

Painting upholstery sounds harsh and weird to me. I guess sitting on natural fibers and can't imagine painting fabric for a cozy bedroom chair. Maybe it would be cool for a canvas material that would be used as statement chair.

What happens if you screw up and have a blob of green paint?

If you love the chair and it's good quality, it's worth reupholstering. Set a jar next to it and throw in a few bucks here and there. Seeing it in its mismatched state will be a good incentive!

Until you have the money to upholster, move the chair into another room.

I think bepsf has the right idea -- paint is easy to change later, so if you slightly shift the paint scheme to suit the chair you can wait until you can afford to reupholster. Or you may find you like the slightly warmer-toned paint scheme better anyway...

paint it !!!

If you are 1) set on your color scheme, 2) set on keeping the chair, and 3) not able to afford reupholstery for now, then the only option is a throw. Urban outfitters sells large fabric panels (they call them tapestries) that might work--but any fabric that you like that is large enough would work.

Paint it! Pearl Paint on Canal St in NYC has a bucket of fabric paint with a catalyst in it that bonds beautifully to upholstery fabric. I painted a hideous floral sofa once in a delicious choc brown paint and EVERYONE thought it was leather.... but since I'm a vegetarian I fooled them all :)

Don't be afraid. The worse that can happen is you've spent $20 on fabric paint then you get it reupholstered anyway. Say I'm wrong..... you can't ;)