Older Project Files Management

As more and more projects accumulate in your system what workflows do you use to manage these files? Do you you keep them on your hard drive on your computer, send to a company server, place on an external hard drive, or do you use the “Archive Project” command to zip the file so it takes up less space? I am just trying to get an idea of what the best options may be.

I archive mine on the network. Usually ill do it by date and then by project.