All you need to do is take an old garden hose, cut it to the length of the blade, slit it down the middle, and cover the blade. And voila, that's it!
For more organization ideas check out The Family Handyman – Home Organization

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So simple and screams to me "why didnt I think of that?". And I get to recycle old garden hoses rather than throw them away! Also good for hack saws if you have smaller hoses.
Thanks!