Scissors, Hot Glue Gun, a rotary tool like a Dremel, Some Dremel style bits, a plastic milk jug.
Step 2: Construction
Cut three strips of plastic out of an empty milk jug. Make one about an inch wide, and two about 3/4 of an inch wide. All the same length.
Assemble as the image shows. Hot glue the two narrower strips standing up parallel to each other on the wider strip. Then cut slots into the narrower standing up strips to hold your bits.
Step 3: Conclusion
I have had several Dremel tools with cases and have spent a lot of time trying to use the bit holders that came in the cases. I never got my bits arranged in them in any order that satisfied me. I like my holder much better. For me it is fast, simple, cheap, and easy. I hope someone here likes this too.