Extension Cord Management

I keep a 25' extension cord around for things like my drill that have short plugs on them. The problem is that I use it so often that it's a big pain to coil it back up and put it away each time.

I put a little hanging hook (like the ones I use to hang bikes) under my work bench and leave the extension cord plugged in and coiled onto it. This is kind of like the fancy retractable ones that you can buy for lots of money... without a complicated mechanism to break.