Closed cell foam is a lightweight and firm foam that is often cut and used to line the drawers of tool boxes. It is ideal for this use because closed cell foam can protect the tools from fungi and mould and keep your tool box organised. The foam is cut to fit into different sized drawers and then further cut to the specific shapes of the tools. Ways to make this easier are to take accurate measurements and make outlines, use a utility knife and buy pre-cut inserts.
It will not be easy to cut the foam with any cutting tool if you are not able to clearly see an outline or if you have to continuously recut small sections like the tool shapes. Make sure you measure your outlines accurately and make them dark enough so cutting will be easier. You want to make sure the cut-out space leaves room for the tool to fit correctly so it can be easily removed and put back.
A utility knife is a small, hand-held cutting tool that utilises a disposable razor blade in order to make precise cuts. Since you need to be as accurate as possible when cutting the foam, a utility knife is a great option for any budget. You can find them at any hardware store, any hardware department and in many cases, even pharmacies. No training is required for use; they all operate in a similar fashion. Simply slide the blade out to the desired length and when you're finished, retract the blade.
Using pre-cut inserts takes some of the work out of cutting the foam for tool boxes. This can be done by any foam supply company. They use the exact measurements of your tool box drawer and outlines of your tools to cut the foam using a computer program that makes the shapes on the foam using a water cut method. By using the pre-cut inserts, the only thing that will be left for you to do is cut out the space for the shapes. Some companies even make the drawer layout so that no drawer is overcrowded. If you don't want to cut anything at all, you can also get the company to cut out the tool shapes for you.
Water jet cutting machine
If you can find a water jet cutting machine, you can use this to cut the foam. These machines use a computer program and lasers to mark and cut the foam. These cuts are extremely accurate but the machine may neither be the easiest to find nor the least expensive option for cutting foam.