On the 100/300 grit combo stone: absolutely, positively NO – and I’m a woodworker by training who sees sharpening of tools as a means to an end and not as a religion. DMT bench stones are soooo cheap in the US (they cost as much as 3 times as much in ROW) that you should not waste (expensive) time with Chinese carborundum stones or EZ-Lap …err … junk.
Finally, at the beginning you'll do just fine with a basic set of router bits that run ~$40.  A starter set will typically include straight bits for edge matching material, a selection of edge finishing bits, and some joinery bits.  As you work on a few projects you may find that more specialized bits are needed.   But specialized bits are expensive - so purchasing them as you have a specific need makes more sense than buying in anticipation of a need.
Other important power tools—A good jigsaw will help get you through many tasks, particularly cutting curves, that would otherwise require a bandsaw. Look for one with blade guides that keep blade deflection to a minimum. A handheld drill is also essential. A quality corded drill is much less expensive than a cordless one, and will never leave you without a charge. Also look for a quality random-orbit sander with a provision for dust collection.
Just like a hammer and tape measure, a drill is something a lot of people already keep on hand for small household projects. Danny and I started out on a SUPER cheap drill when we first got married and quickly learned that this was not something to cheap out on.  If you plan to do much woodworking, invest in a quality drill.  It doesn’t have to be the best of the best, but do at least get a mid-grade drill.

Just like a hammer and tape measure, a drill is something a lot of people already keep on hand for small household projects. Danny and I started out on a SUPER cheap drill when we first got married and quickly learned that this was not something to cheap out on.  If you plan to do much woodworking, invest in a quality drill.  It doesn’t have to be the best of the best, but do at least get a mid-grade drill.
Whatever your dream for a rustic look, you are sure to find something in this collection that will help you along. Many of these projects are so easy to do and you can complete them in less than a day. Some make wonderful gifts as well so if you know someone else who just loves the country, rustic look, make them something to brighten their own décor. The projects use all sorts of materials, many of which are really inexpensive or even cheap in some cases.
The most commonly purchased claw hammer is the 20 oz. size. It’s heavy enough to easily drive nails but easily manipulated when pulling nails. While wooden handles are picturesque, they may not stand up to the strain if you have to pull a lot of nails. Hammers with a steel handle, or even fiberglass, will be stronger. However, these won’t absorb the vibrations from driving nails the way a hickory handle will. You’ll also need to make sure the fiberglass and metal handles have a rubberized grip for control and comfort. If you’re going to be driving a lot of nails, the wooden handled hammer will be better for reducing stress on your hand, and wrist, too. 

Many beginners trying to get started in woodworking take one look at their budget and worry how they can afford to buy a whole shop full of power tools to get started. Fortunately, one doesn't have to spend a fortune to get started. There are really only seven woodworking tools that I would recommend any beginning woodworker have on hand from the start, and most are relatively inexpensive. However, with these seven tools, a beginner can tackle quite a number of projects.
Matthias Wandel loves himself some precision engineering.  His craftsmanship is great, but he's more a Da Vince for his contraptions.  He tends to build his own tools, and he's very much a function over form guy.  There's geekery aplenty with maths, physics and all sorts of CAD wackiness - feast your eyes on the marble machines!  All seemingly done on a shoestring budget.  Genius is the word for Matthias.
Just like a hammer and tape measure, a drill is something a lot of people already keep on hand for small household projects. Danny and I started out on a SUPER cheap drill when we first got married and quickly learned that this was not something to cheap out on.  If you plan to do much woodworking, invest in a quality drill.  It doesn’t have to be the best of the best, but do at least get a mid-grade drill.
Non-Standard Miter Slots - This one is a downer.  One of the primary advantages of having a table saw is access to jigs that expand the saws functionality.  This is a major issue if you plan on buying after market jigs.  Given that we are limiting the cost of this buildout to $500, I am guessing that after market jigs are probably low on the priority list.  Your going to want jigs once you start researching what they enable you to do, my advice is to build your own - there are plenty of plans online.  
Every woodworker needs a couple of levels. You probably won’t need one of the 6-foot levels used in construction, but 48” is a good length for many of the woodworking projects you’ll do. Usually, you’ll also need an 8” level too, usually known as a torpedo level. You’ll check the level and plum of your construction. Level means horizontal, and plumb is vertical.
Low-tech tools are high on value A basic set of handplanes lets you true edges, flatten panels or wide boards, and achieve finish-ready surfaces. Start with a small cluster of handplanes—low-angle and standard block planes, a No. 4 or 4-1/2 bench plane, and a jointer plane. A set of inexpensive chisels is essential for chopping, paring, and trimming.
I just do it. Lol. Most of my projects are for my wife so its easier to scrape money together then listen to complaints about them not getting done! Seriously though, its tough. I have two expensive hobbies......woodworking and bass fishing, latter of the two being the worst. I reserve all my side work money for the two. One thing that helps is owning our own saw mill, lumber is basically free other then time.
​Buying rough cut lumber saves a ton of money.  Buying lumber that has had all four sides surfaced (s4s) will cost roughly 4 times as much as buying rough cut lumber.  Let's look at an example: I'm going to build a table that will require 50 board feet of oak.  If I buy finished oak it will cost around $5.5 / bf or $275.  Alternatively, I can buy rough cut oak at $1.25/bf or ~$65.  In this one project I've saved $210.  That's enough for a new power tool.

In the rough is referring to the wood at its earliest stage in the woodworking process. When the wood is initially milled from very large logs into more workable slabs, it is then kiln-dried to reduce the moisture content. At this point, the wood is able to be machine planed to a finer finish or left in its more natural state. The wood, in its more natural state, reveals the unique tooth and saw marks from the mill, creating a more rustic look and feel in the wood.
Saws (I'm not a fan of Japanese saws, but you can buy good new ones pretty cheap.  ) - 1 crosscut handsaw (can be a Stanley "Sharktooth" toolbox saw from Home Depot or Lowes $15).  1 rip handsaw (used ones can be found at Antique stores for $20 or less.  Try to find one that is fairly sharp to start with).  Dovetail saw (Crown has a decent gent's saw for around $25 or get the Lee Valley Veritas Dovetail saw for around $70, Highland Woodworking carries both).  A crosscut backsaw and small miterbox is also handy to have, I can't give you a recoomendation for inexpensive ones though.
I do not rip on the table saw as a rule, to prevent kick back that periodically occurs when natural wood pinches the blade, turning the wood into a missile. I bought a fairly powerful saw, so this is one place where a lighter saw would be adequate. Essentially, I use the table saw for ripping sheet goods, cutting dados, tenons, and cutting small parts to length – all of which can be done with a 1.5 HP saw. I ended up with a King 3 HP, three-belt drive, 10" table saw. The castings are true, and the King Tru-rip fence reminds me of the Biesmeyer fence used on the Canadian General saws. The model is KC-11FX, and it can be purchased for less than half of the price of other, simi­lar saws. On this purchase, I went with the suggestion of Jeff at Brettwood Machinery – he was right; a very good value saw that runs smooth, and has a decent fence.
Clamps are absolutely essential for most woodworking projects. This is why I’ve included clamps in the list of tools that beginners need when starting woodworking on a budget. However, I often run into situations where I don’t have enough or the right kinds of clamps. Today I’m going to share a few ways that I’ve gotten by without just going out and buying more clamps.
Woodworking is a fun hobby, but can be expensive as well. With all the power tools, hand tools, shop setups and, of course, the wood, many people are turned off to woodworking because of the impact on their wallets. That doesn’t have to be the case though. With a little pre-planning and inside knowledge, you can set up a basic wood shop and start making your own items without breaking the bank.
Clamps are absolutely essential for most woodworking projects. This is why I’ve included clamps in the list of tools that beginners need when starting woodworking on a budget. However, I often run into situations where I don’t have enough or the right kinds of clamps. Today I’m going to share a few ways that I’ve gotten by without just going out and buying more clamps.
Not only is having a full time job is hard to do woodworking, if you have a family as well, then that is another thing that you are going to have to juggle as well.  For me its a no brainer.  I always choose my family over my hobby of woodworking.  But when my family or job does not need my presence, that’s when I am free to let my brain just run loose on new ideas of what to build next.
I’ve been seeing a lot of maker sites featuring both Osmo Polyx and Rubio Monocoat finishes (hardwax oils).  They seem to go nicely with the live edge tables that are so popular today.  I imagine these companies are doing a good job reaching out to the makers because it seems like an effective effort.  I’ve also seen some examples of Odie’s Oil and and it looks like a similar product only with less marketing flair.  I was on the fence and was leaning toward Rubio, only because it seemed like more makers were featuring it.   Then I ran across this series of 4 videos by Blacktail Studio that test out hardwax finishes each of 4 different ways.
Just how small?  Will you have an extra bedroom for your shop or will you be doing woodworking in your living room?  Do you have to put the projects and tools away every time you want to entertain or will you leave everything set up all the time?  A while back FWW had a video tour of a shop in Japan that was smaller than small.  I'll try to find it and get back.  Found it...  shows what can be done in a small space but this shop was not on a small budget so no help there.
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