Storage Methods

I'm trying to decide how to set up my storage and looking for ideas. How do you set up all your item storage?

Here's my thoughts:

1. Sort by biome (ex. One chest for Plaza Flowers, one for Peaceful Meadow flowers, and so on).
2. Sort by item (ex. Each in-game item has its own chest.)
3. Chests inside my house or out in each biome?

Every way seems like so many chests.. what is the most efficient way, especially since wood doesn't come in fast enough to make chests? 😆