I box my projects and sometimes it takes quite awhile (like years) to get back to them. In general, things keep very well without fraying or issues if they are stable and don't get played with or dropped a lot. I tend to bag smaller pieces into sandwich bags (larger or smaller as needed) and write myself notes on the count or other good to know info because I don't always remember. I include the magazine or pattern and again any notes I might have.
In my current project using string and paper piecing with Christmas fabrics, I had a small bag of 2" strips in there too -- it's been a long time since I cut fabric into small strips, at least 5 years or more. They are perfect! Also, right around Y2K I was doing a lot of fabric swapping, 10" squares. Those are still in perfect shape.
For me, again, I put the baggies into a box and then write on the box what the project is so I can find which ones easily
Just baggies slide around too much for me and sometimes get folded or crumpled up and sometimes the really bad thing happens -- bags go missing.