whatever you decide, consider that there's a lot more involved than just putting up some absorption material. you need to address room modes, diffusion and absorption. you don't have to spend a lot to get a lot of results nor do you have to put up a lot of treatments to solve the problems.
done incorrectly, you end up with a very uneven room decay (lows don't decay and highs do). the room sounds dead but it's far from it. if you only use 1" or 2" absorbing material, then you're not touching anything below 500Hz which is (20,40,80,160,320, 640Hz) almost 6 octaves. that's a lot.
i'd recommend you stay away from quick solutions like matresses, egg crates and thin absorbers. read some first like the Auralex Acoustics 101 or look at Ethan Winers stuff or check out books by F. Alton Everest. one book that's pretty good is Sound Studio Construction on a Budget.... not just theory stuff.
one more thing, not all foams handle acoustics properly. you want Open Cell foam not Closed Cell foam. If you can blow through it, it's probably Open Cell foam.