People living in small places are bound to like this idea for studio shelving built in a weekend for just over thirty dollars. The small plastic bins were purchased at a a dollar store and pine lumber was purchase at a local lumberyard.
This unit is 33 inches wide and 36 inches tall but you can make yours to fit any size space that you have available. You can save even more money if you're working with salvaged materials.
This houses my colored pencils, paints, brushes, canvas panels, rags, sponges and pallet knives. Everything I need in one easy location.
You can get more details on the actual build on Doug's blog.