I punched out pieces of each card using a square punch. Some have photos, some have names, others are twice as long (I hand cut those), and some are just embellishments or designs from the cards themselves. I found this idea in Ali Edward's Life Artist book (which is no longer available- I bought it used on Amazon).
It is so fun to look back and see how much the families have changed over the years- but I don't have to use up a ton of space to save these memories.
How about you? How do you store your Christmas cards?