Here's another idea for a pincushion that I learned in my beginning quilting class.
Go to a large discount store or auto supply type place and buy a magnetic parts dish. A round metal saucer, about 4" diameter with a magnet. The pins stick to it so I just toss them in the direction as I sew and there they stay. I keep mine next to my machine. love it
Bonus- if you drop pins, the dish picks them up :D
Not expensive- less than $5