There's no proper method to storing wired electronics, only that you should keep in mind not to bend joints and solders. As the others have said try to get a pair of earphones with a container, else even a pouch is alright if you do a free coil (coil it round 3 fingers and store the resulting roll, as long as you don't force the wires to contour hard objects).
I would also recommend just getting new earphones if your pair can even last that long (the average ones I used to use lasted 6 or 8 months). I don't see the point of a what... 10 dollar repair when your earphones cost 60 bucks. Or even 80.
You can always invest in a really good pair of earphones. Besides delivering great sound, the materials are innately better, and they do go to some extra effort to reduce usual wear. Ultimate Ears for example, which I'm using, puts abit of hard wire at the edge of the earphone cable (not the audio jack side) so that the earphones sit firmly on your ear, and also to protect probably the most vulnerable part of the whole product. In addition, phones and wires are detachable, so if your internal wires are frayed due to wear, you can just unplug it and get yourself a replacement cable. Others use a different method of signal transmission such that the cable is a freely twisting snap-hinge. It's expensive, so if you go for it make a good choice, but if you do, it will probably save you some money in the (very) long run.
