I have an 18" magnetic knife rack attached to the wall behind my sewing machine. This holds all sorts of things: screwdrivers, seam rippers, scissors, needle threader, presser feet, bobbins, and even a mechanical pencil - anything with metal, basically.
I also recently found an old bakers' rack, the kind used to rise bread or transport bread to stores at a yard sale, for $5. Some Rustoleum paint made it like new. A sheet of pegboard yielded 8 shelves with 2 smaller pieces left over. This wheeled rack will hold fabric and WIPs
Old prescription bottles hold used or broken sewing machine needles until they are needed instead of nails for hanging pictures.