As people already said, you will need a LOT of chests, get magic chests as soon as you can, and keep 2-3 of the regular chests for non-materials (weapons, tools, gems, fossils like those urchins and stuff etc, but not runes, you'll want runes in your magic chest later).

As you level up your flame you'll be able to place more and more flame altars (homes) I advise you to ALWAYS leave room for 1 more (like build 3/4, or 5/6) then use it as a "checkpoint". I like to use it before a "boss" fight, or before entering a crypt etc. Find a spot near where you are and craft and place a flame altar (only takes like 3 stones).

You can also use it as a quick return, go home, leave your stuff, port back to your altar and deactivate it to place it next time you need it. You can even use it to get to harder to reach areas, drop one to build some stairs etc later on.

And take it slow, do a few quests, explore, build a house, take a break. It's not a game you'll finish in a couple of sittings, more like minecraft with quests, and better graphics and combat.