My kid has one folder that’s sort of his In box. Anything that needs to be read by me goes in there - one side marked “To Be Returned” and the other “To Stay Home”. Once a week (if I were Supermom, it’d be everyday, but once a week is more realistic for me), I go through the folder one side at a time, sign and write checks for the “To Be Returned” stuff, and I give it to the kid to put in whichever folder it needs to go into to get back to that teacher (English for the English teacher, etc. - when he was in elementary school, it all went into one folder for the teacher). Next, I take out and read the “To Stay Home” stuff. (Usually while I’m on the crapper. I’m a multitasker like that.) Any important dates/times/phone numbers get written in my calender and the notice goes to the recycle bin. Any notices/flyers/pamphlets about things I don’t care about (football teams, summer camp, Byzantine pottery exhibits), gets put in the recycle bin.
Artwork gets admired and then honestly critiqued by the kid. “Do you love it enough to save it, should we give it to one of the Grandmas, or should we toss it?” (A precursor to the decluttering mantra “Keep It, Sell It, Toss It!”) There’s room on the fridge for two pieces of artwork - anything kept after that either goes in a frame and gets put on the bedroom wall, or one of the fridge pieces has to come down to make room. I’ve never subscribed to the “first grade macaroni art must be saved 4evah!” style of parenting. Everything gets ooh’s and aah’s, but art is impermanent. That’s the beauty of it.
Graded homework in other classes gets pitched after admiration, except for very big projects, which I keep one or two a year in a file folder in my cabinet labeled WhyKid-School, along with class pictures, report cards (each quarter I pitch the last one, since the earlier quarters are printed on the later cards) and ISAT scores.