This is a good idea for storing ribbons (as above), wire, string or other crafty strands. All you need is a sturdy cardboard box (like a good shoebox perhaps), something to cut the holes with (like a craft knife), and some eyelets.
I saw a particularly useful alternative idea a while back but unfortunately I can’t find the page again. It showed how to use a shoebox to eliminate all the wire mess people have due to all the electronics in their rooms; you use a box, as above, but with holes on both sides. The plug end of the wire came out the back and plugged into a socket, and the end of the wire connected to the device came out the front. I thought this was great since I hate messy wires in my room!