Ferrous metal chips can be a mess to clean up so I use a magnet inside a plastic Wal-Mart grocery bag to attract them. When you get done, pull the bag back over the magnet and all the chips stay in the bag for disposal. Been using this for years and really helps contain them and a lot easier than trying to clean them off the magnet.
Not sure if other brands of grocery bags will work as well, although I did use a Winn-Dixie bag once and well, it worked ok. LOL