The tidy way to store WAV files
WAV and FLAC explained
WAV holds uncompressed audio, which is simple and exact but large. FLAC, the Free Lossless Audio Codec, was created by Josh Coalson and first released in 2001. It compresses audio the way a ZIP file compresses documents, so decoding returns exactly what went in.
Why archivists prefer FLAC
A WAV archive eats storage. Moving the same recordings to FLAC frees roughly half the space and loses nothing, which makes it a safe format for long-term storage of CD rips, field recordings and finished masters.
How much you save
Expect FLAC to be roughly half the size of the WAV. A loud rock track may save a little less, while solo piano or a voice recording may save more. For a three-minute CD-quality track, 32 MB typically drops to around 15 to 20 MB.
Tags and cover art
WAV has limited support for metadata. FLAC was built to carry tags, so library software can show titles, artists and covers properly. That alone is a good reason to move a collection of WAV rips to FLAC.
When to stay with WAV
Some video editors, hardware samplers and older DAWs only accept WAV. Keep a WAV for working in those, and use FLAC for the archive copy.
Keep one folder of FLAC masters. Make WAV or MP3 copies from it whenever a project needs them.