I use the ziploc freezer bags. I usually doublewrap in 2 different bags and it keeps for months.
If you don't want to freeze it, I found out that putting it in a ziploc baggie (push out the air) then drop that in a lock-n-lock container--it keeps for quite a while. I just put each color in it's own baggie, then drop them in a lock-n-lock container together. (I haven't tried freezing yet, but this would be another option, if you worry you might need it quicker than you could thaw it out later.)
I had the same problem with fondant/gumpaste & when my daughter gave a me a small Seal-Meal the lights went on. I make a bag large enough to hold what I don't use plus extra room so when I open it I have enough at the top to reseal the bag until I use up the fondant/gumpaste.
You have to put a thin coating of shortening all over the paste before wrapping or bagging.
Theresa 
I have a FoodSaver vacuum system but I don't like having to seal/cut, seal/cut the bags because the FoodSaver bags aren't cheap.
I use Ziploc vacuum bags. I got the little Ziploc hand pump and a few bags from Wal-Mart for under $4 and it works very well. I keep it right there in my fondant/gumpaste toolbox so I use it immediately after finishing with my fondant/gumpaste work and I love it!
Link: http://www.ziploc.com/?p=b10
I had the same problem with fondant/gumpaste & when my daughter gave a me a small Seal-Meal the lights went on. I make a bag large enough to hold what I don't use plus extra room so when I open it I have enough at the top to reseal the bag until I use up the fondant/gumpaste.
That is what I do, the bags are a little expensive but it worth it 
, I have the rolls for my fondant and baking stuff and I usually buy the bags (little ones and big ones) for my kitchen stuff, I can't live without my press and seal michine The ziploc hand pump never used before but I think it is a good idea they are cheap and handy , You are going to expend a little extra money but you are going to save a lot on fondant and gumpaste
I have been using the ziploc hand pump. I am also so cheap I put the paste in small bags and leave a bit open and then in the bigger bag and pump. Keeps the bag clean and you can store lots of paste at once. i also use it when making flowers. I have a small firm board I put in the bag with the cut outs on it, pump out the air, work a bit, open bag to get petals leaves whatever and pump. It works for me but my DD says it is a pain.
I have a FoodSaver vacuum system but I don't like having to seal/cut, seal/cut the bags because the FoodSaver bags aren't cheap.
I have the FoodSaver system as well, but I use the containers instead and can keep the fondant/gumpaste in them - open when I need something and then vacuum and seal and no wasted bags. Walmart sells the containers for the FoodSaver system and they are very reasonable in price.
I also use them for storing royal icing at room temp when I am working on a project at nights after work.
I have a FoodSaver vacuum system but I don't like having to seal/cut, seal/cut the bags because the FoodSaver bags aren't cheap.
I have the FoodSaver system as well, but I use the containers instead and can keep the fondant/gumpaste in them - open when I need something and then vacuum and seal and no wasted bags. Walmart sells the containers for the FoodSaver system and they are very reasonable in price.
I also use them for storing royal icing at room temp when I am working on a project at nights after work.
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