I wish I would have done this first rather than the investment I made initially.....
First listen to your mother and eat your veggies (to get the cans). Peel the labels and rinse, air dry. The other materials you will need are some scraps of plywood (I got some nice 1/4 inch plywood from salvaging some pallets), a hammer, a nail or punch, a scrap of 2x4, a #2 screwdriver, some spare sheet-rock screws, and a can-opener.
Lay the can on 2x4 scrap and punch a hole about 3/8 inch from the top, insert screw and screw into plywood. I used 3/4 inch screws for mine (they were laying around anyway. The screws will self tap into the plywood so no need for drilling holes. Plus you will notice you will be screwing into plywood at a slight downward angle, this is good anyway a little extra strength.
Some of the cans you might want to remove the bottoms too and stack them into tubes like the file on the left or saw on left. Some you might only want to partially open on bottom and use part of can as a slide through section and the other section to keep stuff inside the can.
Plus if you still want to use hooks on pegboard for some things, just hook the can and put your nails or whatever in it for easy removal. The other nice thing about plywood rather than pegboard is things such as the levels can be placed over a secured sheet-rock screw rather than a flimsy hook.