This was the focus of my paper reduction project:
Most of that is from college (some are even from high school!). I had so many binders that I kept half of them facing backward so I could fit them all on my shelf. I also have a lot of photos, and some stationery that I haven't used in years.
I didn't want to get rid of all my college papers - a lot of them are useful resources to me now. But the way they were organized, they weren't accessible - I actually forgot a lot of what I had in there. So I went through everything, scanned what I wanted to keep, and tossed the rest into the recycling bin.
Now I have a folder on my computer that is synced with Google Drive (I also have Dropbox but that's for my dance company's files), and one of the subfolders in it is for old school papers.
I also made a sub-folder for receipts - not everything, just stuff I can claim on my tax return.
So next I have to go through my photos. . . .
How do you organize old papers? Do you keep the originals, save digital copies, or do you toss old stuff?