Being thrifty doesn't generally mean giving up the things you like (except maybe things like tobacco). But it can mean looking at them differently. For example, stock up on hobby supplies when they're on sale, and find free sources of materials and patterns. Also, if you do something you enjoy to supply something you would have bought, you've combined two things. I'll use knitting for instance, since there are several knitters contributing here. The typical way to start a project is to decide you want X, go out and buy a pattern (or two or three), and the exact same yarns and needles used in the pattern. The leftover yarn (usually quite a bit if you buy what's recommended by the pattern) gets tossed into a box and forgotten, or even thrown out.
Instead, buy your yarns and needles when you find them on sale (if you find a really good sale on a yarn brand you like, stock up with enough for at least a year or two of knitting in your favorite colors), and watch for yarns at thrift shops and yard sales. Browse the internet for patterns (there are sites with hundreds of free patterns), and check books out from the library. I only own two knitting books, one a beginner's book with basic info, and a book of sock patterns, including a very basic one. When you're ready to start a project, go "shopping" in your stash of yarns, and find a free pattern. Also, when you decide you need something, consider whether it's something you can make instead of buying.
If you like sports, can you get your equipment second-hand or use facilities at "off" times for reduced fees? If you like movies, shop for the theater with the best matinee price, and plan to go to that one for new releases (this is assuming you can't wait for the DVD).
If your passion is your appearance, make it a point of pride to look spectacular for as little as possible. Shop resale shops (there are a wide range of quality, including some that specialize in reselling designer clothes), learn to sew so you can make your own alterations, and study what "makes" an outfit. I once sat in a fascinating class that centered around accessorizing. She showed photos of people in just the clothes, and then photos of them with appropriate jewelry, scarves, belts, etc. The difference can be dramatic. Also, plan your wardrobe around multi-use items - pants, skirts, jackets and belts in neutral colors that can be mixed and matched, classic jewelry like simple gold chains with a pendant and strands of pearls, and blouses, scarves and hats that center around one or two favorite colors so they can also be mixed and matched. Remember, you really pay for trendy, and it goes "out" just as fast. Also, consider probable resale value of clothes - classic, well-made clothes will be worth more at resale time.

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