Having your own space is important whether it's having a quiet space in your own home where you can go to recharge, collect your thoughts, and find peace. It is just as important to have a space where you can do any kind of magick or energy workings.
We're not all lucky enough to have a room to dedicate for this kind of space. Though I do have friends in Southern New Hampshire who have a whole third floor! Granted, they are directors of a Pagan organization so I guess it's ok. ;)
There are many ways to create a sacred space, I'll give you the evolution of mine.
The Space Saver
Sometimes it's not convenient to keep your magickal tools and workings in plain site. Dorm life is a great example. In college I was lucky enough to have roommates who were tolerant of my magickal path if not actively following it themselves. However, dorm rooms are a small shared space. Lucky for me, I received a trunk for a graduation gift. It wasn't huge like the 19th century steamer trunks but it was good size with a nice, flat top. I could keep all my magickal tools inside and use it as a coffee table when not in use.
The Forgotten Corner
Look around your living space. There must be some corner that isn't being used for much. Get a corner shelving unit or corner shelves (if you can install into the wall) that fit your budget and bingo! Instant vertical alter. If you plan on burning things make sure it's on the top shelf or the flame is not high enough to cause damage. You can leave your items out and they become "art pieces".
The "What the...?" Space
When I bought my home 4 years ago there was this space at the top of the second floor stairs. The second floor is in the eves, which means there's a lot of slanted ceilings and short walls. I saw this space becoming either a catch all for crap I didn't want to put away or a dust collector. So, instead, I found a chest of drawers that fit into the space! I can leave tools out, store extras, keep my books, etc. all in one location. There's enough space where I can sit comfortably and meditate or do work.
We can't always work from home, in any aspect of life! So when we're on the road it's good to keep a travel kit with you. It can be as big or small as necessary. A couple of crystals in your pocket or, in my case, a 12" x 6" x 6" box. I live near some Native American healing springs and when I go to visit I tend to do a great deal of work. When traveling far from home, however, I usually just keep a couple of crystals and a stick of incense with me. (Yes, I am one of those weirdo's who smudges their hotel room!)