Well, what I do, and I do this for all of my tools. The fishing rod, net, shovel, sling shot, and the wet suit. I keep them in letters. you know how you can have ten letters at a time. I keep them in their, you can add them as presents to letters you have recived. That way I only bring them out when I am using them and then put them back. I even keep them in the same order so I always remember which one is where. I actually learned this tip from a friend back when the AC wii version first came out. It saves room, and prevents them from being sold accidently.
Thats a lot I know. But I feel its a good tip to share.