So while I was thinking about hair goodies to keep ribbon organized, I thought maybe some girls ponytail holders (the type with two beads) would work to keep grosgrain ribbon wrapped. It is nice to have alternatives and grosgrain works on clothespins, but since I was experimenting I thought I'd try this out too.
The ponytail bands that I could find at local stores are pretty large. So instead of buying some, I pulled out my jewelry making stuff and made my own with some 1mm elastic line and two beads. Here is another photo of it without the ribbon.