I hijacked my bedroom closet for all my craft storage(jewlry making, scrap booking, knitting, quilting, sewing, drawing, needlepoint, and so on). I put a cheap book case in there for all the magazines and books related to the crafts. I bought several drawer units on wheels (the cheap plastic kind with see through drawers). These are great because when I want to work on a project, I just roll out the bin and have it next to me where ever I go. They also keep the dust off your stuff. The bins are great if you don't have much space or not much craft supplies yet.
Another thing you can do to keep things organized (at least in your head if nothing else) is to buy a notebook for each craft and divide it into sections: materials, projects completed, and ideas, and keep a post-it pad nearby. I keep a running list of all my materials on hand so I know what I have when I am getting ready for a new project. The post-it pad is for listing things that need replacing (sort of a grocery list of craft supplies). I take a picture of all the things I make and put it in the projects completed section along with notes on any changes I made to the pattern, material used, and a sample of the actual material used if possible. In the ideas section, I sketch colored pictures of what I would like to make along with what type of materials I would like to use and what pattern I would use (if any).