I leave them packaged until I may use them.
When I cut my own strips I use my Accquilt and it cuts straight edges.
I love Iris scrap booking totes for quilting projects. Easy to see what is inside, stack beautifully and often on sale at Michaels. I sometimes will buy the jelly roll and charm pack and or layer cake and co-ordinating fabrics. I put the co-ordinates all in one tote. If I have a pattern in mind I will put it in there too.
Having said, I discovered that the small square containers for green salad mix from the grocery store are the perfect sixe for charm (5" squares), I put orphan ones in on, it will take me a long time to fill it up.
If I do not use all the strips in a jelly roll, they go into a bin, generally folded in 1/4 and stacked. If there are left over co-ordinates, they all go together.