I was sorting through a drawer, and I noticed it contained a lot of loose hair clips, and a lot of loose hair elastics. I was considering getting some kind of container or organizing device, and then I had a brainstorm:
I grouped all the like clips together, then I wrapped all the like hair elastics around each bundle of clips. The elastics keep the clips together in bundles, and the clips provide something to wrap the elastics around without stretching them out, so they won't rattle around loose and sink to the bottom of the drawer.
This takes up less space than any organizing device, the hair accessories are far more readily visible in the drawer than when they're loose, and I can tell what I own at a glance.