Current Status and Next Steps (Best practices?)

I'm interested in creating an opportunity report containing a field for "current status," as well as "next steps."  This will be updated every two weeks, so I'm trying to figure out the best way to create and use those fields.  I'd like to be able to save each entry along with the date stamp.  Is there a way to move these entries to history when rewriting over them or is there a better way to set this up?

I only want to report the latest entry for both these fields (text based entries), along with the date stamp.

Thank you,

Matt