I think it depends on the scope of what you want done. A bathroom remodel can average in excess of $10,000 once you add in labor and everything else especially if you want to re-tile the room, add a new vanity and re-do the tub. The tub alone could be anywhere from $300 - a couple of thousand dollars (I'd figure around $400 - $700 realistically). The cheapest Home Depot grade vanities probably start around $200 and go up from there depending on how crazy you get. The other thing is time factor. These aren't overnight processes, especially when the inevitable problems arise of mold, old plumbing, etc. You could be out of a bathroom for a few weeks or even a month.

If you can't replace the tub, I believe you can have it reglazed. Not sure of the cost.

I'm assuming you want totally budget friendly, which as a former single mom is how I've lived my entire adult life. If you are up for it, you could remove the tile in the areas other than the tub suround (replacing that would be a real budget-buster). You'd need a hammer, chisel, and judicious use of force, LOL. Once removed, you can sand the area underneath to get it as even as possible. There are paintable wallpapers that I read about in a Houzz article a while ago, and I used them to reface my kitchen cabinets, but I also put it over the tile backsplash. However, the tile backsplash is not as large as what your area is, so I'd recommend removing the tile.

Here's the Houzz article: https://www.houzz.com/magazine/brush-up-on-paintable-wallpaper-for-a-posh-look-stsetivw-vs~7283344

The cool thing about covering the area where you are removing the tile is that if it's not totally flat but has a few ugly looking areas, the wallpaper covers that. You paint the wallpaper just like you would a wall (I used a 3" brush). You can then put a molding above it to cover. I'd probably use a paint color similar to what is in the floor if you don't want to be troubled with replacing that. It looks like a peach color, not pink, but it could just be the picture.

You can also paint tile, so you could do the area around the tub. I recommend a semi-gloss, not high gloss. I did my backsplash several years ago with 2 coats plus a clear finish coat. It never chipped or came off.

I LOVE this bathroom! Are you looking for decorating ideas or remodeling? How would you describe your style? Are you handy/creative or will a contractor be helping?
My bathroom is similar. I had the tub re-glazed 8 years ago and it's just now starting to peel a bit. I think it's well worth the money if a full remodel is 3 or more years down the road. Since you're time constrained, I highly recommend against DIY tile removal. They can also be re-glazed for short money, but glaze in the grout lines is a little distracting IMO.

Here is one option
http://houzz.com/photos/3395484
Then I believe you can also get tub and wall inserts that go over your existing tub and tile. I have seen them and they are really nice.

Hey, I'm with brickln. I don't love the whole bathroom, but I do think the tile is a gem. I wouldn't ever think of ripping it out. Instead, I'd look to make the rest of the bathroom match. I reglazed my clawfoot tub about 6 years ago and I think it was $500. And I know you can do it in colors; I have friends who did theirs to match their other 50s fixtures.

You can make this work ..... It happens that the colour you have on the tile I very in... Her are some colour palettes to help. I would spend the money on the tub ! And work with the rest by using accessories (towels , rug, decor) you really do not need to spend to much ;) Hope this helped

If you can't afford to replace all of the pink (I had to live with a lavender bathtub/toilet for a period of years at one point in my life!) You could make it fun with a happy shower curtain, funky mirror, fun cabinet knobs, a black chandelier (the one pictured is under $130), black and white shade and some new towels:

knobs and shades:

Gray walls, white wood, a retro window curtain, and maybe a storage cabinet over the toilet so you can put your stuff away.