i am doing the same with my 1995 carribean, i dont have much money and am going to make covers like 'single fitted sheets' with either elastic or a slot for string to pull in around the settee, etc. I think that this way the upholstery will be covered and away from the kids and the dog, but it only cost a small amount. i bought a roll of upholstery fabric from a discount shop last year for £40
Just reupholstered my abi marauder using fleece blankets from IKEA. 9 blankets at £1.60 each. Simples to cut, stretchy so very forgiving for the odd mistake xx