In my class, the students have two sets of supplies -- individual and communal. I find that having a set of shared items makes like easier for me and having some individual ones, makes like easier for them (which, in turn, makes life easier for me ;))
Each student has a pencil box with the essential items that they need. Things like pencils, crayons, their Walking Classroom Walkit, the Classroom Procedure manual, and their reading book. They also are allowed to keep scissors and a few other things that they may need, as long as the box doesn't overflow.
The communal cubby, which is housed on the center desk in the group, has rulers, a tissue box, glue bottles, and extra crayons. This is stuff that the entire table shares. It is also things that don't get used all that often, so don't need a space in the box, but still need to be available to the kids.
How do you manage your student supplies? Do they have their own things or do they share everything?