This has been done before in a number of different ways.  I like to tinker and I've been meaning to do this for a while. It keeps  the line readily available and contained.  I used 3/4" elastic from Walmart and some 3/16 grommets I had designed for Kydex. Easy peasy.....

 

Looks a bit better than rubber bands.....

 

I use velcro tape that's made for tying-off electronic leads (like for a PA system) - Amazon sells it under electronics.  

 

It's really handy when you're removing a spool from a reel or storing a loaded spool in a spool can.  

    

3 minutes ago, bulldog1935 said:

I use velcro tape that's made for tying-off electronic leads (like for a PA system) - Amazon sells it under electronics.  

 

It's really handy when you're removing a spool from a reel or storing a loaded spool in a spool can.  

    

That Velcro is really handy!

Update - I've been playing around with these bands and came across an even simpler method. Cut the elastic to size (shorter is better). Allow for at least a 1/2" - 3/4" overlap and use a gel super glue. You can use a hole punch (designed for leather) to allow for the line to pass through. Alternately, you can use a pencil type soldering iron or heated nail to make the hole. It's cheaper & faster than the first method I tried.

I just buy spool tamers - no, not the ones the fishing companies sell at 3 for $7-$8...these are 25 for $16. They're exactly the same, just labeled for crafting instead of fishing...amazing what 'dedicating' something for fishing does for your mark-up (and profit).

https://www.amazon.com/Beadalon-25-Piece-Spool-Tamer-Set/dp/B00KAZ137Y/ref=sr_1_10?crid=ZC4L6A26QZC4&keywords=wire+tamer&qid=1705179883&sprefix=wire+tamer%2Caps%2C111&sr=8-10