Each of my projects have a separate folder - the name of the project. Within that folder, I have four subfolders: 1. Data 2. Notes 3. Photos 4. Reports.
The contents of each are pretty self-explanatory. I put all my pictures in the photo folder, as external files. The same with text exhibits, which go in the Notes folder. If I want to back it up, or share the file, I can just copy the entire project folder, and it will copy the notes, exhibits, and pictures along with the datafiles.
There isn't any duplication of files, so there's no extra memory used. And it keeps down the size of my backup files. If you have lots of exhibits, and they are internal can make the backup sizes grow at an alarming rate.