After making some changes in my models (eg. new field in a model and a new model) what is the best way of reflecting these changes to my populated database?
Look with manage.py sqlall what the parameters are for the new columns and manually add them in your database with Alter table statements. This way you don't have to redo your database; It requires some SQL knowledge though...
Take a look here (Scroll down to "Making Changes to a Database Schema")