When using your cordless drill as a screw driver, you frequently need to change bits. Not only do the screws come in different sizes there are also different styles, straight, square, phillips, star.... So you need the bits handy, easy to see, easy to sort, and easy to get out of their holder. This instructable shows several method from not so good to best. This step not so good. Just see the pictures.
Step 1: Add a Magnetic Knife Holder
I just had one lying around ( never throw out anything that might be useful ) but this one at amazon is very similar http://www.amazon.com/Norpro-Inch-Magnetic-Knife-... pretty much any one should do.
This works pretty well but it is easy to knock the bits out of the holder into never never land. It needs protection.
Step 2: A Bit of Wood and Glue
Add some protection with a bit of wood, not a box so there is still nothing to open, still easy to get to the bits.
Step 3: Done
Much better than everything else I have tried. Try it too, I think you will enjoy it.