Here is an affordable way to make a magnetic pin "cushion" for your pins. This project ended up being a happy accident in the end, but this is how you can make one for yourself. 
I needed something to hold pins next to the sewing machines for my
sewing classes. I love my magnetic pin "cushion" that I have, but they
can be spendy, especially since I needed 4 of them. I saw people spray
painting these magnetic bowls that you can find at harbor freight that
are used for parts and they are less than $3 each. This seemed to be
the perfect solution!
First, I used painters tape to cover the magnet and spray painted the top and bottom. But after the 3rd coat, the paint crackled and looked terrible on the inside. I didn't want to start over, so I decided to save them by modge podging the inside with fabric where the paint cracked. I sanded and smoothed out the surface then cut out a fabric circle larger than the bowl, just big enough to cover the inside and sides. After modge podging those on, I used crocheted bias tape that I had hot glued and modge podged on around the rim. Make sure to overlap the ends.
Now I have 4 happy accident magnetic pin bowls that work perfectly!
