Open Outlook, click File > Cleanup Tools > Mailbox Cleanup
Mailbox Cleanup
From here, you can see how much data specific folders are taking up, search your mailbox by age and size, setup Auto-Archive, and empty your deleted items (see options below).
Empty Deleted Items Folder
File > Cleanup Tools > Empty Deleted Items Folder
Proceed with caution, this will permanently delete all items in the deleted folder and they will not be able to be recovered!
Archive
File > Cleanup Tools > Archive
From here, you can select to Archive all folders individually, according to their AutoArchive settings or all folders under the same rule.
*Archiving emails moves them from your Mailbox and off of the email server, and puts them in a Mailbox of their own on your local computer. These emails will still show up in Outlook in a mailbox called Archives (see below). Or you can close this mailbox and re-open it as needed.
To Archive folders individually, you need to right click on the folder you want to archive, and select Properties > AutoArchive. From here you can specify how old of items you want to archive and where you want to archive them to or delete them.
*If you choose this option, you will need to do this for each folder individually.
Open Email Archives
To open email archives, click on File > Open > Open Outlook Data File > Select the archive file you want to open.