The thing is, you already have those problems. Dont think of them as fixing your tracking issues, its mainly for mixing. Without proper acoustic treatment, your room is lying to you, and your mixes will translate as such.
Proper bass trapping will fix most all of your issues. Reflections, bass problems, you name it. Trust me, I also tried beating around the bush with treatment. Only recently did I bite the bullet and spend the money. Its well worth it though.
Drew
Oh... and not any kind of foam will work. So don't go up to wally world and buy a bunch of egg carton mattress padding, as it will do even less than acoustic foam.