If its for work or domestic, I usually keep them for a year. If it was up to my DP, they are kept for an eternity along with bobby sherman tigerbeat magazines and the defranco family paraphenalia

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For fun foreign trips, I usually put the ticket stuff, bp, record locator, etc, in a zip-lock bag with the rest of the receipts, train tickets and little odds and ends we picked up. I should label the outside (Paris-Mar 2001) so then I could refer to the bag for the name of the restaurant we ate etc.
I'm not sure about the wallpapering using boarding passes, but i can guarantee you that martha stewart will come up with a way to make lampshades out of boarding passes soon enough. its a good thing.
lala