If you are working with a large space and want to create different areas segment the room by using lounges and other large pieces of furniture as subtle divers.
What's on your floor can add to the decorating style but if you can not afford new floors in your living room then you can mask your current floors with small rugs with a contemporary design - either a geometric print or a plain sisal rug. If you are lucky enough to be able to afford new floors check out bamboo floors or slate or clay tile. Sleek lined furniture with chrome accents goes nicely with this look and you might try shopping at consignment stores if you are short on cash.
Decorative accessories are another important piece in pulling your contemporary look together. Concentrate on getting wall art and pillows that match your contemporary design style. For accent pieces you want the lines to be clean and avoid a lot of clutter. Be certain to add in loads of plain bowls with fruit as well as simple linear floral arrangements and you might even try some black and white photography to get a professional look for your living room. Additional touches such as vintage art deco accessories can help setup your room with a polished decorative appeal but don't go overboard because with the contemporary look less is better.