Here are some ways you can store your yarn and thread.
Use large Sterilite Plastic Drawer bins which are stackable to store yarn or thread. You can sort the yarn by color and label the front of each drawer.
Use tall skinny drawer bins which stack on each other and have 3 or more drawers per unit to store yarns and threads. These too can be labeled and you can also sort the yarn by type or color.
If you like to look at your yarn, you can use open milk crate type bins mounted on the wall on the diagonal to store your fresh skeins of yarn.
If you have a bunch of small balls of thread, you can use decorative metal tins to keep them in.
If you have an old dresser, you can store your yarn in the drawers and put cardboard dividers inside to separate the yarn by color. If you put scented liners in the bottom of the drawers, then your yarn will smell nice.
You can store yarn in a cedar chest if you have one.
You can store yarn in a hanging closet shoe organizer!
One way to keep your yarns smelling fresh is to toss used dryer sheets in your stash.
You can use baskets to keep your yarn in. There are many types out there. You are bound to find something that will work for you.