Having 4 children so close in age, I decided a few years ago to assign each of them a color. This color is for everything from cups to pencil boxes to folders. Each of the kids know what color is theirs, which limits some of the fighting. YAY! I knew I would need some sort of organization in order to keep the house running (somewhat) smoothly.
They each have their own "space" on the homeschool bookcase and each space contains their pencil box, 3 ring binder (with their name printed in their assigned color), folders for their subjects, also in their color, and any workbooks that they are currently working on.
It's not only a good learning tool for them, but it has been extremely convenient for me. In the kitchen, each child has their own color coded cup. So when there is one left on the table, I know exactly who to call to take care of it.
Another bonus is that it has also been a tool in teaching them their colors and their names. I am, by no means, an expert organizer. And my house, by no means, runs smoothly all the time. I do, however, try to find little things that make things a little easier, like color coding my kids.