The new year has arrived, and it has many people looking around their homes wishing they could make a change. If you're one of those individuals who would like to revamp your interior but believe it's impossible to do on your budget, think again! There are many small changes you can make that will have a big impact on your living space.

Here's a list of just five simple changes you can make to your home – without breaking your budget!

1. Accent walls: An accent wall is a single wall within a room that's painted a different color. It's one of the simplest changes you can make and will give your room a whole new feel. You can make a bold statement by choosing a complementary color, or opt for a subtler statement by using just a slightly different shade. Whichever you choose, make sure to amplify your new look by adding a couple of matching throw pillows or curtains.

2. Add a backsplash to your kitchen or bathroom: Adding a backsplash of tile or stone, either surrounding your bathtub or lining your sink and counter area, will add elegance to your bathroom or kitchen at minimal expense. Ceramic and porcelain tiles come in a number of colors that can add pizzazz to your room for minimal expense, however these types of tiles are also extremely prone to cracking and breakage. Stone alternatives such as travertine tiles are more durable and offer a more natural-looking appeal.

3. Spruce up your shelving area: Storage space is extremely valuable, and there's a good chance you're not making the most out of your existing shelving space. Take a look at your current closets and shelving areas and consider how you might maximize that space. For example, you can use stackable crates to increase shelving or install a waist-high dowel rod to double your closet space.

4. Reface your cabinets: Replacing cabinets in the kitchen or bathroom is high on many people's renovation lists, however installing new cabinets can be quite pricey. Instead, give your cabinets a facelift by merely replacing the face components. You can give your room an entirely new look by choosing a different color or stain. Want an even more cost-effective solution? Add a new hue to your existing cabinets with a simple coat of paint.

5. Replace old countertops: Are your current counter tops riddled with nicks and stains? Replacing them may just give you the new look you're after. While many adore butcher-block tops, the wood on these types of countertops can quickly become damaged or stained. Opting for a stone countertop may be a better option. Travertine and marble countertops are attractive additions to any kitchen or bathroom, and are more impervious to damage.

These are just a few ideas to help get your creative juices flowing. Take a good look around your home, and you're sure to see all sorts of small, cost-effective renovations you can make to spruce up your living space and keep things fresh in the new year.