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Sharpening your drill bits will save you a great deal of money by not having to replace them when they get dull. Check out these tips on drill bit sharpening: 
Always wear gloves and protective goggles while sharpening your drill bits. Shards of metal and sparks will be projected while sharpening your drill bits (especially using a table grinder). These can cut your skin and can damage your vision if they get into your eyes. Protect yourself!
Place your flathead bit upright into a vice. Use a metal file to file down the ends of the bit. Afterwards, check the sharpness of the bit with your finger to make sure you did an adequate job. Wait a couple minutes for the bit to cool before checking for sharpness because the bit will get hot from the friction. You don’t want to burn your finger!
Secure your Philips head bit into a vice. File down the edges around the point and all the crevasses with a small metal file. Make sure not to file down the point of the bit (making it even more dull). Wait a couple minutes for the bit to cool. Lightly use your finger to check for sharpness in the crevasses and at the tip.
- Forstner Bit And Brad-Point Bits
Use a table grinder to sharpen your Forstner and Brad-Point bits (watch out for sparks). Gently sand the sides of the point at the end of the bit (the “pilot”). Be careful not to press down on the end of the point (that will sand the point down). The best technique for this is to roll the point around the edges on the sander. Gently sand the inside-cutters and the knife-edges of the bit. Examine the bit for any rough edges. If there are, sand them down with soft stone until all the edges look uniform.
Note: Take extreme precaution when using a table grinder. Carefully read the operating manual and make sure to keep your hands/limbs away from the wheel during use.
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