Old socks are one of the best money saving tools a thrifty person can have. Socks make great cleaning rags, polishing cloths, bleaching cloths, dusters, or just about anything else, and you can toss them in your washing machine. If you have a particularly nasty mess to clean up, just throw the sock away. 
Give your kids a few old socks and some craft supplies and let them make hand puppets. They might find old socks handy for carrying and storing marbles or other small toys.
Fill the toe of a sock with dry beans, tie a knot and cut off the extra to make “crazy hackey sack” that doesn’t fly normally. Alternately, fill about half way with dry beans and sew shut to make bean bags that younger kids can toss into empty coffee cans.
You can fill an old sock with potpouri, cedar chips, or anything else you like, then tie it shut and toss it in the back of one of your clothes drawers as a sachet.
Where do you store all of these old socks? Everywhere! Tuck them in with your bath towels, kitchen towels, out in the garage.