Home canning is a great hobby that's fun and productive. It's a way of preserving food, so you use whatever is cheap and abundant and it helps you save money over time. But it does take investing in some of the right tools and equipment upfront, though the costs can be pretty minimal, and easily under $75. You may have some of the basic equipment already, but some, like a jar lifter, is specialized.
Before you get started, it's imperative that you educate yourself on canning safety. If you don't follow very specific (but simple) guidelines, botulinum bacteria, which causes botulism, a potentially deadly food poisoning, could grow in your canned goods. The National Center for Home Food Preservation has a number of free guides from the U.S. Department of Agriculture and is a great place to get started before you purchase any equipment on this list.
Note: Prices and availability are subject to change.