Storage options: resealable plastic bags etc

When doing a LEGO project, it will be a great time saver if the parts are organized and stored accordingly so that when you need to find a particular part,  you can quickly locate it. They can be sorted according to type (gears, axles, plates, slope, etc.) or color (red, green, white, etc.) or both.

One option is to buy those storage cabinets with many small drawers used to store electronics components. This will be a neat solution but they are expensive and they take up space.

Another cheaper option is to use resealable plastic bags (zipper bags, ziploc bags). They are much cheaper. A box of 50 may cost only a few dollars. They are widely available and can be found in the kitchen section of any supermarket.

Also you can store them again in the original LEGO boxes. They are also transparent and you can easily see what is inside the bags and identify the part you need.

Alternatively, you can punch a hole in the center of the top part of the bag above the zip and hang them on a horizontal rod such as those for hanging towels ( see other solutions for larger collections).

LEGO parts stored in resealable plastic bags

Reynolds' zipper bags for LEGO parts storage

Update: I have received feedback that the above solution is practical when one do not have very large solutions and reference was given to Damien Kee's Resources page where there are 2 documents
1. How do you store your LEGO? (2013 version)
2. How do you store your LEGO? (2008 version)