Sometimes going vertical and using wall space is a good way to carve out some more storage space in a small bathroom. I used the wall space next to my bathroom mirror to store some of my jewelry and other accessories like hair clips and watches.
Step 1: Use Tension Rods and S-hooks to Hold Items
It only took minutes to set up using two tension rods I got at the dollar store ($1 each) and some s-hooks from IKEA (10 for $3). I also hung my DIY hanging earring organizer from the lower rod for easy access to my earrings. It's really easy to make and you can see how I made it in this instructable: DIY hanging earring organizer instructable
If you don't have a place where tension rods will work, you can use an inexpensive towel rod and secure it to the wall or on the back of a door. The one pictured is from IKEA (BYGEL) and costs about $3.
You might not want to store jewelry that's sensitive to moisture in the bathroom and of course, leaving silver exposed to air will make it tarnish over time. Most of my jewelry is pretty low maintenance and moisture hasn't been an issue so this solution works well for me. I really like that I can see what I have at a glance, and another bonus is that I've also cut down significantly on the number of hair clips I misplace since I set up the tension rods!