Since it's the start of another school year and I have a kindy kid I know I will be amassing a ton of school projects, ribbons, report cards, etc for the year. I of course don't save every scrap of paper but I do want to save the special things. The best way I have found to do this is to put everything into a medium flat rate box. The long thin rectangle shaped one.
These can be ordered online from The US Postal Service for free! I keep it open and just date the papers then slip them in throughout the year. At the end of the school year I seal it and label it. They are super easy to stack and keep track of then.
You can also take it a step further and roll artwork and store it in an empty paper towel tube. I also frame certain paintings and display them throughout my house.
Another idea is to scan a picture, print onto cardstock sized 3X5 and turn into custom notecards.