A collar stay perforating device for perforating a portion of a collar stay and a collar stay storage device for storing the perforated collar stay are provided. The collar stay perforating device comprises a base member having a punch hole and a guide to receive an end of a collar stay. A first lever member pivotally attached to the base member has a punch member that cooperates with the punch hole. A second lever member pivotally attached to the base member bears on the first lever member to bring the punch member into cooperation with the punch hole thereby perforating the collar stay. The perforated collar stay may then be stored on a collar stay storage device comprising an openable ring member having releaseably engageable arms for forming a closed loop. The ring is openable permitting one of the arms to be inserted through the perforated collar stay thereby providing ordered and compact storage of collar stays.