LEARN TO DARN.
Why throw out that old pair of socks with the hole in them. Learn how to repair them, almost back to their original condition.
This is a good article in the subject-
HOW TO DARN A SOCK .
Here is a video using contrasting colors to help show you the actual repair.
A similar technique will also work on sweater repair.
You can purchase darning eggs or you can use a lightbulb to help maintain the shape of the sock during darning. Match the thread/yarn in weight and color to the item being repaired.