As you get more skilled in machining the limitations of the standard 1/16' to 1/2" drillbit sets will no longer serve your needs, and the purchase of larger drillbits will be needed (generally in the 1/2" to 1" range for the home machinist).  Safe storage of these larger (and expensive) bits becomes necessary.  If buying a set it may come with a storage case, but for those who buy them individually or for those who's sets did not come with a case, I offer this simple, cheap (Ya!), and safe storage idea.  Figure 1 shows the described storage containers.

Figure 1

    The storage containers are made from PVC pipe and end caps.  One cap is glued to the pipe and the other end is slipped on, but not glued.  At the fixed cap end a piece of paper towel, or other soft material is stuffed in, to protect the end of the drill.  In addition a small hole is drilled into the fixed cap so that trapped air does not prevent the installation (or removal) of the removable cap.  I marked the drill size and an arrow pointing the removable cap, to make life easier.
    The PVC pipe is available in sizes up to 2" inside diameter (just how big a bit are you buying! :-)  ) are commonly available in most hardware stores, and the caps and pipe are fairly cheap.
 

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