|I cannot take credit for this tip but I wanted to pass it along because it's just a great idea. In the book Dream Sewing Spaces by Lynette Ranney Black, is the suggestion to use empty baby wipe/cleaning wipe, cylindrical shaped containers to store bulk elastic. I like to buy elastic in bulk because it saves me money, but it's always been a hassle to store. You might have to enlarge the hole so the elastic pulls freely from the container. When you've cut the desired amount just push the end into one of the creases/cutouts on the container and it's ready for the next time.
What a tidy and easy solution to elastic storage!