Image by Lajos Geenen, Readymade
There’s a good reason why pegboard has been around forever, and is such a common solution for organizing tools. It’s inexpensive, easily painted, and so simple to customize with a variety of readily-available hooks.
DIY Life has a nice round-up of ways to use pegboard for crafty and cooking storage. Even if it’s not your dream organization solution, it’s a dandy way to get you organized while you’re saving up.
Good Old Pegboard Organization Systems