I was tired of having a pile of screw and nail boxes, and had more than a few collections of nuts, washers, and other bits of hardware and odds 'n ends around my work area that needed a home, so I collected a few jars and made this under-shelf storage system.
My father told me about this system a while ago- his father had had it in his shop. I installed it for myself, and it has made things SO much nicer and easier.
Step 1: Materials: Jars (duh)
You can use any old jar, so long as you have room for it. Smaller jars (like baby food jars, as my grandfather used) are probably best. For one you can fit more of them under your shelf, but really most hardware doesn't actually need the space of larger jars (like the two tomato sauce jars I've got in the picture).