Pegboard, absolutely. Look for old kitchen cabinets for free or almost nothing on craigslist...those can be painted and installed along one wall in your room, and with an inexpensive countertop from Lowes or Home Depot, you've got immediate storage space that looks nice. Nickel cabinet pulls can be purchased 10 to a package very inexpensively, too. I took 2 sets of wall cabinets and hung one at each end of the cabinets and then hubby built open shelving in between the 2 sets. That's where I put clear plastic shoe boxes of misc odds and ends (zippers, threads in rainbow colors, trims, etc). Underneath the wall cabinets/shelves, hubby built a long skinny open shelf the same length, and that's used for misc, and he installed my Ikea mini floods under the cabinets, so I now have tons of light on my countertop. Perfect height for cutting, etc. Ikea has the perfect open bookshelves for fabrics - Billy - and hubby installed doors on each end set -- in the middle is a skinny version of the Billy bookshelf for all the books. Due to weight of books, its good to do a skinny bookshelf there! Magazines are in Ikea metal magazine holders all along the bottom shelves of the bookshelves. These cover one whole wall, and believe me, I use every inch, including the top. The top has metal baskets that hold my Christmas, foreign (from Nepal, etc), upholstery fabrics, etc. My pegboard is behind the door as I have almost no wall space. The design wall is 3 - 88 cent nickel robe "U" hooks from Lowes. Hubby took 2 - 1x2 primed 8 foot white boards (Lowes, about $2.50 each) to insert into pockets I made from flannel. I sewed 2 long strips of off white flannel together, except for the top 5", which I didn't sew together. Made pockets at the top & bottom to slide the boards through. The reason I didn't sew the top 5" is when you hang the top board up on the robe hooks, the fabric lays on each side of the hook, and its drapes beautifully. Easily taken down and transported, if necessary. Love, love my display wall! I also have a comfy chair to sit to sew in, and an old antique crank table that my machines are on. There is a lot in my quilt room, but most is hidden away with all this storage, and the bookshelves show off all the beautiful fabrics folded into colors, 30's, Australian fabrics, children/baby fabrics, etc. Hope this helps you -- take your time, you can do it very inexpensively with a little creativity, and really maximize your space, too.