Some of these things aren't worth saving, but there are definitely things that I do want to save: some of the artwork they create, the certificate from their first Phillies game, their Baptismal candles, little snips of curls from that first haircut, and notes from their relatives...you get the idea.
The problem is, I'm not really a scrapbooker. Chasing around after these three little ones is crazy enough, but add a full-time job and a master's thesis on top of that, and the last thing I feel like doing is decorating albums with patterned paper and stickers.
Here's my solution. I bought big boxes when the kids were born and labeled each one with a kid's name. When I receive something that I want to save, I toss it in the box. Maybe when things slow down around here, I'll go through the boxes and sort them into albums. But maybe I won't. It really doesn't matter -- they look fine in the boxes, and I can still look through them easily. AND, they'll be easy to pass along to them someday.
And this little guy LOVES to look through his box with me to see what I've saved.