A box for each kid K-12 ... I had a professional organizer at my house (what a treat!) and she suggested this system for pictures and papers, etc. 1st year, 1-2, 2-3, 3-4, pre-K, K, 1st grade - 12th. So simple, but so brillant.
Memory binders for my children. Much more do-able than trying to keep scrapbooks for all my children I am already about 3 years behind on my scrapbooks! So new plan- try to keep a set of family scrapbooks as up to date as possible, while keeping memory binders for my children, then make my kids their own special scrapbooks when they graduate from high school.