1. Rather than have a separate file for each utility, bank, credit card, insurance, loan, or any other statement or invoice that you receive, set up 12 monthly folders.      
2. Each month, save the statements and invoices that you received that month in the monthly folder.   
3. The next year, at the start of the month, you can clear out the previous year's paper, review it to see if you need to keep anything, and shred the rest.  

Of course there is some information that should be filed in separate folders.  Here are a few examples:  

1. Automotive Records: For each vehicle, you should keep track of all maintenance and repairs.    
2. Investments:  Keep yearly statements showing all transactions for the year.    
3. Medical History:  Although your medical invoices and receipts can be kept with your taxes or monthly folders (depending on your circumstances), you should keep a history of any surgeries and medical conditions.  
4. Property Records:  Keep purchase records as long as you own your home.      
5. Taxes:   Keep at least 3 years of tax returns and supporting documentation.   Keep 6 years if you are concerned you may be audited for under reporting income.  
6. Vital Records:  Vital Records,such as birth and marriage certificates, passports, car titles, loan settlements, etc should be kept in a fire proof safe or safety deposit box.