Here's what it looked like before...
How did I think that for even a second this was a good idea?!
What you'll need:
4' x 6' pegboard (Warning: this is massive! Make sure you have the wall space and you measure first!)
Crown molding - (2) 4' pieces and (2) 6' pieces
Pegboard hooks (I got a variety pack from Lowe's)
Scrap wood planks
These pictures are the actual making of the board (the part I had nothing to do with). As long as you have the enough space and the proper tools, it is relatively easy. You simply cut your molding to fit along the edge of the pegboard and glue it directly to it. Using clamps, secure everything in place while the glue dries.
The finished board barely fit in the car to come home and because of that it warped a little. I recommend building everything from start to finish in the same location that it will be in so you don't have to worry about warping.
Once everything was assembled, I painted it teal to give it a pop of color and then began the hanging process. Now is when you will use the wooden planks I mentioned earlier. These are to set the pegboard away from the wall a bit so it's not flush and you can hang the hooks easily. I did not drill into studs, but instead used anchors and screws to attach the wood scraps to the wall. Once they were secure, it was time to attach the pegboard to the wood.
So here it is! I won't begin to tell you how long it took me to arrange everything just the way I wanted it. I really couldn't be happier, and I absolutely LOVE that everything is easy to see and find, not to mention I still have a ton of space to hang new things!
Buckets//Michaels Craft Store for $2 a piece
Thread holder//Joann Fabric
This is my favorite part! No more hoops and stabilizer monopolizing all my desk space! I now have a nice place to access them and put them away after each project.