The most affordable way to update a kitchen island involves a few key changes. Start by changing the paint to give the island a fresh look. Update the hardware, such as handles and knobs, for a quick and inexpensive makeover. Consider changing the countertop for a more modern and stylish surface. Installing open shelving can add both storage and a decorative element. Lastly, incorporate a breakfast bar to increase functionality and create a cozy dining space. These budget-friendly updates can transform the kitchen island without a major renovation.