What's the cheapest way to sharpen my chisels?

I'm a beginner at wood carving, and I want to know about sharpening. I have a small set of chisels, gouges, and the v tool. They came ground, but need to be honed. A few people have told me some sort of leather buffing wheel is a good way to go. Would some 4000 and 8000 grit Japanese water stones be sufficient for having very sharp chisels. I'm trying to stay somewhat cheap and simple. Thanks.