L.K.
My dtr is also 4 so I'm not sure how my plan will work over the years but we display about 3-4 of her current favorite pieces of artwork. For the others I bought an "under bed" storage box that is long and flatter and she puts all of her school work in there. I plan on labeling each box with the year/grade as we move through school with each child. I don't scrapbook though so can't help you with that.....we store digital photos by month on the computer.