They farm the land to sustain themselves and their families. They grow their own crops, raise their own livestock for meat and milk, etc. Many learn and practice crafts such as weaving and spinning. They also learn needed skills such as food preservation. They preserve the bounty from their gardens to keep through the long winter months and beyond.
Some people homestead to save money on everything from groceries to utilities.
Homesteaders often rely on alternative sources of energy also. It is common to see woodstoves for cooking as well as heat, yet you may also find intricate systems along the landscape that harness water or wind power for electricity. Homesteading can be done anywhere, not only on a piece of land. It can be done in the middle of a city also. It depends more on a frame of mind than a way of life.