I have amassed many, many articles for doing hair. An addiction if you will. A brilliant friend devised this clever way to store her hair articles. I just modified it for my own needs. I purchase an over-the-door shoe holder from Wally's (the cheap one, it is the only one that is see through) and then I separated my accessories by color. I then used two baggies, one for the clips and one for the ribbons. Depending on what I am doing with their hair that day, I just pull out the proper baggies and it makes putting them away easier as well. 
Elastics posed another problem. I hated rummaging through a huge tote of elastics. So one night when I had nothing better to do, I sorted elastics. Now I buy them pre-sorted, but putting them into a sectioned tackle box did the trick.