Sharpening a chisel is actually quite easy, especially if you use a honing jig. An initial investment of less than $150 will get you chisels, a honing jig and sharpening stones – all of which will likely last longer than you will. There are numerous ways to sharpen chisels. Some do it strictly by hand, while others use a jig. Some sharpen with oilstones, others with waterstones, and still others with diamond stones. Some use a strop at the end.