I have a 4'x8' pegboard on one wall. This is where I have all of of my line, overflow crankbaits, jigs, chatterbaits, hooks, etc (all of the unopened stuff). Everything is in order by size and color.
Then I have a 6' tall and 5' heavy duty metal shelving system with 5 shelves on it.
On those shelves I have about 20 different clear rubbermaid boxes that are all labeled according (worms, jig trailers, Ikas, crawdads, Senkos by size, etc).
On the very top of the shelf I have all of my extra reels (because they are light). You dont want to keep heavy items up high.
On the bottom shelf I have the really big (can't remember if they are 10 or 20 gallon) clear rubbermaid boxes for my big volume iterms. Like 5" and 7" Senkos that I have thousands of. These boxes are really heavy so I keep them on the bottom.
Connected to the 6' tall shelf I have a waste high shelving system. I use the top shelf for a work space to make jigs, spool reels, etc. The lower shelves is where I store mine and my kids tackle bags and stuff like that, that we use when we go pond fishing.
The reason I chose to use clear boxes is so I can see the volume without having to take the lid off. For example if I glance at the shelf and I see that the box for the Yamamoto Shad Shape worm looks pretty low, I know to check it out and order more.
From a cost standpoint I dont think it was crazy expensive. Below is an estimate of what I think I paid for everything.
Pegboard - About $15
Pegboard hooks - $30-$40
2 shelving systems - $80 each
Rubbermaid boxes - Under $100 total