If you want an inexpensive makeover, paint is probably your best option, as changing accessories and furniture can soon start to work out quite expensive...
A lovely bright paint will give a colorful, cheerful and fashionable feel to your room. Trendy colors at the moment are hot colors like yellow, orange and fushcia pink, lime green or cool, bright blues and turquoises.
You can use a color on its own for maximum impact, or mix a few together, for added 'zing'. (check they match and you like the effect with tester pots first).
These are fanatastic bold colors, so you may want to use them only on an accent wall (rather than all over) so that you don't completely over-power your room. Mix with pale neutrals for a fresh, open feel to your room, (or if your room is quite small). For a larger room, consider mixing with darker neutrals, for a more sophisticated feel, but do be aware using darker colors will make your room feel smaller and darker (although the bright colors would brighten it up).
You can add accessories in your chosen bright colors, if your budget permits!