I do some model building and require small drill bits below 1/8th of an inch. To keep track of them, I use square cigar tubes. These are bits down to 1/32 of an inch. In the cigar tube, I use a drill to cut a hole in the cigar tube to fit the bit. If you want, you can fill the tube 1/2 full of sand, which will make it easy to find the small bits as they stick out of tube. Using the square cigar tubes also helps keep them upright on your work table.
-L. Edward Stansbury