I store leftover fondant in vacuum bags and canisters using my Foodsaver vacuum sealer. I make the bags a little longer that I normally would, which allows me to cut the top of the bag off, take out what I need and re-seal it. The fondant doesn't mold and stays forever. I also have some canisters and storage containers that I use for larger quantities of fondant. If I have several shades of the same color, I ball each shade up and store them all in one container. Easy to find because I can see into each container and take out the color I need and then choose what shade I need.
I don't know if anyone else has tried this, but it works great for me and saves me money in the long-run. Also helps me keep a small inventory of different colors on hand.
Great tip!! Thanks!! I need to get one of those machines soon!! As if I don't have enough kitchen gadgets! LOL
Reynolds has come out with a battery operated vacuum sealer with bags that I bought just for fondant. I have a foodsaver but this thing is a lot smaller and not as hard to drag out and use. They are about 9.00 for the unit and I believe the bags run around 3.25 for the quart size. I got mine at wal mart. Hope that helps.
I have started using the new Reynolds (I think that's who makes it) hand held sealer. It's pretty inexpensive and you can get the bags at the store right alongside the sealer. The nice thing is you don't have to cut your bags, just unzip them, use what you want and reseal.