How do you store papers and corespondations?

Answer 1

"corespondations"    You mean correspondence?

Some I don't keep.   Some I toss in a box in the attic.   Some I keep in a file cabinet.   Other stuff I scan and store electronically.  

Stuff like artwork and cards from the kids...I usually take a digital picture of them holding it and then recycle the paper.

Every five years or so I go through my papers and cull the herd.   You don't need to keep stuff forever.