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A: The first option would be to get another filing cabinet. If you have papers you need to store that you absolutely cannot weed out, another filing cabinet will help you do the trick. While you should get yourself a quality cabinet, you don't have to buy one that will break the bank. For about $150, you should be able to buy one that fits your needs.

Another more budget–conscious option would be to take any papers that you need to keep, but aren't looked at often, and file those away in file folders within cardboard storage boxes. Label the boxes and store them, stacked on top each other to save space. Only keep papers in your filing cabinet that you need to reference often.

Of course, most people only think they need everything in their filing cabinet. In most cases, more than 50% of what people store is not truly needed. Take a good look at each sheet of paper. Anything that is no longer current, or doesn't have legal or financial ramifications attached to it, is generally a good candidate for the shredder.