Now this should be easy for me as I have hardly any punches compared to some others I've seen - wow some people love punches!  Me I have a very weak wrist, the kind where too much use causes it to kind of go numb and I have trouble holding things - very annoying - so I much prefer my Vagabond, but even I have around 20 punches of varying styles and sizes (of course very few are the same size, shape or type).

Currently they live in 4 drawers, determined by their size - I often need to open all 4 to find the one I am looking for - so not very efficient, not labelled and I've been known to put it back in a different drawer.  Perhaps some of these storage ideas might be a better option:

This first one - the Kanga Pouch reminds me of an over the door shoe holder, but it's for supplies, a very clever space saving idea.

I so want a Home Depot in Australia as then I could get one of these Martha Stewart punch/stamp storage units - so nice and also looks rather useful, love the different sized shelves.

I like this small desk unit from Staples in the USA mentioned on Stamp That!  It has a small footprint, rotating/revolving and just big enough to fit a few essentials.

There's a bigger version of this in Sharon's Scrappy Space - I believe this unit comes from StampinThings

I really like Nicole's Idea for storing border punches (mentioned on Creating Keepsakes Blog), but I just don't have that many - that's not to say my collection may not grow while I'm not looking.

I love this shoe rack for storing punches - great right!  This one is in the craft space of Monica from My Many Passions Blog

 Judy Jackson uses curtain rods mounted on dry wall/ plaster board to store her punches.

Or for this slightly larger version, check out Barb's Craft Cave.

I have so few I think they will continue to live in drawers for the moment, but I do intend to organise them better.