I converted the 3rd car bay in my garage into a recording studio, which I also use as a band practice room and listening room.
I followed treatment advise for a recording space pretty closely and it works very well as a listening environment.
I have 4" Bass traps from GiK in all 4 corners and 6 2" panels across the walls.
My room is 18' x 10' x 8' and this set up works quite well.
For about the price of a good piece of gear, you could do this:
http://www.gikacoustics.com/product/gik-acoustics-room-kit-package-2/
Depending on where you live you may have a local outfit that you can pickup panels at (shipping is pretty expensive due to bulk). I'm fortunate as live in the LA area, and got my 2" panels locally and saved the shipping $.
Not too hard to make, but like you I was lacking time.
At minimum, I would treat all 4 corners with bass traps and first point of reflection with broadband panels.