I have a wooden rack with pegs (from Hancocks or JoAnn) hanging near my machine. I put the bobbin on a peg and the matching spool of thread on top of it.
To prevent backaches when cutting fabric, use sections of PVC pipe on the bottom of the table legs to raise it to a convenient height. We have found that 12" is about right for most of our quilting group. The pipe is easy to cut with hand saws or your local hardware store may cut it for you.