I am frugal at heart. Cheap, really..... So here is an idea from the DIY Files.
I bought some decorative hooks from Kirkland's while shopping with a friend. I really didn't have an idea for them at first, but they were $2 each, and I am easily influenced by my peers.
I saw an idea a few months later in a magazine about decorating with your own jewelry. I pulled out my hooks, and proceeded to punch several rather large holes in my wall. Oops. At least the hooks cover that up.
I found a sign at Kirkland's as well. "One shoe can change your life. - Cinderella"
Now my jewelry looks pretty even when I'm not wearing it!