3. Tune up aging router bits
When a bit is losing its edge, I give it a few swipes with my diamond paddle (mine cost about $25). That won't restore a really dull edge or match the original factory sharpness. But it does give me a bit that's almost as good as new. And considering the cost of router bits, that's good enough.
Read more: http://community.familyhandyman.com/tfh_group/b/diy_advice_blog/archive/2013/05/28/3-ways-for-woodworkers-to-save-money.aspx#ixzz3VPgggdTP