What to do with completed contracts?

I'm wondering what to do with all the completed face painting contracts floating around my desk? I know I should probably hang onto them for while, but how long? And what is the best way to file them? What do you do with your contract paperwork after the event is done and you are paid?

I keep them in a folder for taxes and record keeping. I have on their how many miles I drove, what I made, whether I got tips, whether they were nice, complained, etc. It's saved my bacon a couple of times. I don't have a big contract though...just a contact sheet and then Paypal has some contract language in the deposit. I also have a spot on there for Paypal, thank you sent, request review, etc. Helps to remind me to be a better business person.

I'd turn it into digital files with notes (then make SURE to do backups every 1/2 year - 1 year), then store the hard copies away from me. Hard drives in your office take up much less room, hold so much more, and can be searched through faster than paper files.

<--- anti-clutter  lol

What they said.

My paper contracts are stapled to accompanying documentation and filed (in invoice order) for my accountant.

They are also all on my computer and that is backed up about monthly (every six months is too far apart IMO). All contracts I have ever written are kept on the computer.

Thanks to everyone for their helpful replies. I appreciate it. I have paper copies and digital copies on my computer, so the reminder to back up my computer was helpful. I'm putting the paper copies in a drawer with the plan to bundle them into a big envelope at the end of the year. I should put them in date order though, so they are easier to search if necessary. Hopefully it won't be, but you never know. Thanks, everyone.