It's a nice layout. I think you can do some really great remodeling on a modest budget. I think the attached picture could be a nice point of reference.

I'd start with paint. Go with something light, but with color. I like this Seattle Gray by Benjamin Moore- http://www.benjaminmoore.com/en-us/paint-color/seattlegray

Next, reface the vanities. I'd say go with a darker wood finish, like a chocolate or java. You can see some ideas here- http://www.granitetransformations.com/southjersey/cabinet-refacing-page/

You could install a wood floor, but I think a tile or even granite could look much better (see picture).

Lastly, resurface the outside of the tub with a tile pattern, again see the picture.

Hope this helps!