Right after my husband and I were married, his mother brought out a box of keepsakes for us to take to our house. I guess she was sick of storing it. It contained old school work, report cards, art projects, etc. After we got home, my husband went through it quickly and then threw it all away.
Most likely, my boys will be the same way, so I don't want to hold on to every little thing, or spend hours and hours on some fancy system to organize their things. But, on the off chance that they are a little more sentimental than their dad, I want to make sure that I hang onto at least a few things from each year.
I don't even give these bins a pretty label. I just use a black sharpie to put their name in the corner, and we are good to go.
So, if you are looking for a simple, fuss-free way to organize your kids past homework/art projects, I highly recommend this method. It is nothing fancy, but it works.