Before I give you my list, I am assuming (and yes, I know what assuming does) that you already have a tape measure, screwdriver and a hammer. These are common household items that most people (woodworkers or not) keep around the house.  If you don’t have one, they are a few bucks each and WELL worth the investment.  AND they are my favorite types of stocking stuffers—even if it is just July, it’s already on my mind 🙂
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.

I can't really give a great answer to your question - I'm still learning how to deal with woodworking on a limited budget myself, but I'm getting there. It's not always easy, but when I want something I can't afford, I am starting to remind myself more and more that someday my day will come when hopefully there will be more room in the budget for my woodworking hobby. I'm also hoping to start selling the occasional item within the next year to help bring in some extra money for woodworking related expenses.
Ebates.com - Ebates is something I'll check after I've already found a deal that I'm going to bite on.  The rewards aren't usually good enough to compel me to purchase on their own.  But if you get an extra 3-5% cash back over your entire $250 budget, it can add up to an extra hand tool for doing nothing more than using their link to an online store.
It's funny how some interests (or trades) got onto YouTube very early.  Woodworking has been popular on there since the video-sharing behemoth got started.  I suspect this is because the US has a strong tradition of TV shows about woodworking - two great examples being Norm Abram's New Yankee Workshop and Roy Underhill's Woodwright Shop.  With a plethora of channels available on cable, and a bigger population, broadcasters were able to air more niche, and thus detailed shows.   Over in the UK we had four channels, and so if something wasn't going to appeal to at least 5% of the population (or it was cultural) then it didn't stand a chance.  
Softwoods are often softer and more delicate woods in general, as the name would suggest, but aren’t necessarily always weaker than hardwoods. Although, they are generally less dense and not as durable as Hardwoods, which grow at a much slower rate than softwoods creating a denser and stronger grain in the wood. Softwoods come from coniferous (or gymnosperm) trees such as Cedar, Hemlock and Pine and lean towards a yellow to reddish tone by nature. Hardwoods come from angiosperm (seed producing) trees such as Oak, Cherry, Maple and Walnut and are generally darker toned woods. Softwoods tend to be less expensive than hardwoods, as they grow much more quickly and can be milled at a faster rate. While hardwoods are generally more expensive, the durability, strength and overall look is often worth the additional cost depending on your project needs.
All in all, for whatever reason it is that you enjoy woodworking, then you always need to follow that passion.  There is always going to be obstacles to overcome, whether that be not enough money to buy your tools, or space to put those tools, or time to enjoy woodworking.  That is something that every person has to overcome.  Everybody has there own unique obstacles.
For woodworking entertainment and inspiration be sure to checkout our Woodworking Video Series "The Highland Woodworker". Improve your woodworking skills and learn more about the use of woodworking tools with free online woodworking materials in the Woodworking Library. At Highland Woodworking you get more than fine woodworking tools...you get fine tool tips too!

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.
Add a little rustic décor to your walls by building a wooden mail sorter. Not only does this give you beautiful rustic décor, it also serves a very handy function by keeping mail neatly organized. You just need a few pieces of wood and some small coat hooks at the bottom to hang your keys. Stain it in any color you want and you have a very functional and very beautiful sorter.
You need an out-feed table to support work exiting the table saw and band saw. By placing the tools close together, I was able to make one out-feed table that works for both tools. I put four pivoting wheels on the table, allowing me to shift the table in any direction. By placing a shelf below the table, I gained some much needed storage space for portable power tools. Finally, since this is a large work surface, the table also serves as a true, flat assembly table.
After years of digging down under router tables, lifting the entire unit up to change bits, and then fighting to get the plate flush again in the table, I chose to spend the money to pur­chase a router table, fence, and lift system. I did a thorough review of these systems, and chose the Canadian made Jessem Rout-R-Lift II kit. The system comes with a solid steel stand, a phenolic table, an adjustable extruded aluminum fence, and their base model lift system. For budget reasons, I did not choose the hefty Mast-R-Lift, but I am quite happy with the lighter Rout-R-Lift II. It will last me a couple of lifetimes, so it is the right system at the right price for me in my one-man shop. Hats off to Jessem for making a great lift at a very rea­sonable price in the middle of a tough economy. The table is durable, and flat. The direct drive lift is smooth and precise. I mated the lift system to a mid-sized model 690 Porter Cable router, which has a fixed speed, and enough power to do any­thing I need. The Jessem system uses a bayonet type mount for the table inserts, a nice touch that makes swapping the table insert quick and simple. As with all my machines, the router table is connected with the supplied dust port to my shop dust collection system with automated switching. 

"Woodworker's Supply, Inc. failed to properly investigate these complaints and failed to protect Ms. [Teresa] Logsdon from illegal sexual harassment, and gender discrimination in the workplace," according to the complaint filed by her attorney Wendy Owens of Casper in July. "Ultimately, Ms. Logsdon had no choice but to give notice of resignation to protect herself."
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