Like stamps, punches come in various shapes and sizes, making them a challenge to store. My solution is simple: use a shoe storage system. They generally don't cost much, they have deep slots (big enough for even my size 10.5 foot), they're long and skinny so they don't take up much space, they're easy to find (most big box stores carry them) and you can even get them with drawers.
Image courtesy of IKEA
My punches are organized by the following shapes, with each shape getting its own drawer:
* Decorative images
* I fill the remaining slots in my shoe holder with dies for my die cut machine and other larger tools (paper crimper, heat gun, etc.)
Cost Breakdown: $7 (hanging shoe storage) + $20 (8 drawers @ $5/pack of 2) = $27
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