For about a year now, ever since I redid my room, I have had a picture wall with some of my favorite (self-made) images framed in standard Ikea frames. Here's a snap I made after putting most of them up (excuse the terrible quality of a low-light iPhone picture hosted on Facebook's servers):

The Ikea frames are generally quite good. It's the pictures that matter most to me, so I won't be spending a lot of money on custom-made frames.
However, I am not quite satisfied with the matting boards that come with the frames. They are a fixed size, which is not 3:2-ratio, which means that some of my images are effectively cropped by the matting board, and I sometimes end up losing essential details in the process. Also the ratio and thickness of the mat border (don't know if that's the proper term) is different per frame size, which just looks bad.
Since I put these up, my favorites have changed and I would like to replace some of the prints with other pictures. On the other hand, I want the currently framed photographs to stay in good condition so I can put them again at some later stage. Therefore, I am interested in mounting and matting these prints myself. I have watched a couple of videos on the process already, and it does not look too complicated, but some of the materials (especially the mat cutter) are quite pricy.
Have any of you ever tried this before? If so, I would appreciate any tips and recommendations.
- Bjorn