This is how I saved a shred of sanity.
When everyone comes home from school, EVERYONE wants my attention immediatey. I was becoming completely frazzled with everyone waving papers in my face and calling "Mommy! Mommy!" at once, each louder than the next. This chaos was not for my REAL attention, not to tell me how their days went, but to get me to look at a gazillion notices, sign off on homework, send $2 and a white t-shirt for the next day, etc.
Meanwhile, some papers were not getting to me, because the kids might not find them until I was unavailble (in the bathroom, cooking, nursing a baby, on the telephone, out at a meeting, actively helping someone else with homework, etc.)
OR, the papers were given to me the next morning, usually in the car, during drop off time.
This just wasn't working.
Hence, this system. The kids get to clean out their backpacks, divest themselves of their notices, and have some confidence that I'll get to their paperwork when I'm free to handle it. I get to breathe.
We had the folders and the magnets around the house, so there wasn't any cost. Over the years, I've reinforced the folders with white duct tape.
This system has been working consistantly and reliably for about four years now.