What a great idea, Megan!
My 14-month-old daughter has a lot of hair bands since we put her hair up everything. Keeping track of these is difficult if they're not all together. So, I started using a carabiner to hold the bands. It keeps the small bands in one location, serves as a toy for her to play with while I put her hair up, and enables me to quickly locate the color I need for that day. It works like a charm!
My daughter fine-but-curly still works best with tiny hair accessories, and just this weekend, I got this little stacking organizer to keep them sorted. Figured it would work well for travel, too. I'm sure I could have come up with a fine (and free) DIY solution, but you know how it is in those organizing stores…it's almost impossible to resist buying something.
Related: Storing girls' hair accessories? Talk amongst yourselves. (The carabiner idea came up in the comments — thanks, Diane and Kate!)