What to do with last years papers?

It seems as if you need to save every paper in your life.  Because I don't know what I will need (and not need), I bought some small plastic tubs and labeled the year on it (keep papers 7 years).  I put bank statements, credit card statements, check stubs, etc. for each year in case I ever need to rehash old info. When it has passed 7 years, I shred the old stuff and relabel for the current year just passed.  The tubs stack in an inconspicuous place and I have accomplished what the IRS recommends.  They could even go under a bed or at the far end of a closet.  *** Be sure to keep sales slips, bank letters and repair info in their own folder in your file.  It would be hard to go through the tubs to recover these.  It's a great feeling to keep what you need without it "keeping" you.