We have a few extension cords laying around that we only use at Christmas time. And that is only if we really go crazy with decorations, which doesn't seem to happen every year. I found that the best way to keep them neat and tidy was to wrap them into a coil and then secure it in two places with zip ties. It makes it easy to hang them on a hook, or even just stack them on the shelf with our Christmas decorations.
Note: This also worked well for our huge extension cord that goes to our generator! This is used even more rarely and is so bulky that it is hard to coil and hang.
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