I love a good filing system! My main files are downstairs in my desk drawers, same spot they have been in since I bought my desk almost 7 years ago. Nothing has changed other than a few labels here and there.
Paper was getting out of control in my kitchen and I needed a convenient temporary spot to store papers until I take them downstairs or until I deal with them. I went with a product from Ikea called the Kvissle Wall Magazine Rack for $19.99.
There are many different options for wall filing systems. If I had a little more room I think I would have picked something a little bigger and cuter. Home Sense is the perfect place for more stylish systems.
The system from ikea comes with 5 spots, I labeled 5 folders: Scott, Tara, Boys, To Do and To File. It works perfectly for our little family, I can just grab the folders out of the slots and deal with whatever is inside. If you have a bigger family, you can buy more than one of these systems and they easily attach.