There are many methods of consecration, and you should adapt this method (and any other methods you find) to your own style or tradition. Most methods of consecration involve at least two of the three forms of magick: Natural Magick (through salt, water, rose oil or petals) and Mental Magick (through conscious energy direction). For completeness, the below method will also include the third method of magick (Spiritual Magick) as well in step #5. You can adapt this final section or leave it out entirely if you wish.
1. First anoint the tool or object with holy water (sea salt, rain water and a few drops of rose or sandalwood oil) and recite the following:
Aqua, Ego Excito Ele
2. Next pass the tool or object over the flame of a white candle and recite the following:
Ignem, Ego Excito Ele
3. Pass the tool or object over the rising smoke of a sage smudge stick and recite the following:
Ventus, Ego Excito Ele
4. Pass the tool or object over the rising smoke of frankincense & myrrh resin incense (burned over a charcoal disc placed in a heat proof container filled halfway with sand or soil) and recite the following:
Terra, Ego Excito Ele
5. Hold the object in both hands and recite the following 7 times:
"I consecrate this (object) with the powers of the four winds and the spirit which binds them. May the Goddess (or other patron deity) witness this hallowing of common matter. In my (or our--for coven/circle work) hands alone shall it serve to weave and sever the cords of time. As I will it so shall it be."
Simplified versions of consecration rituals are equally effective and again, are determined by the personal style of the witch. Feel free to use which ever form appeals to you most.