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I use a pill keeper to hold my hair elastics. I have a green one and the elastics fit perfectly into this little container. I have one for me, to hold mine in my purse, and one I keep in the house for others who might need them. It cuts down on a lot of frustration at losing them.
I use paper towel tubes and slip them on to the tube. When I want a certain color, they slip right off of each other, not disturbing the ones left on the tube.