Good points made by all, guys.
I would suggest you check your local ordinances, to find out what they recommend, as there is a very wide variation in the UK between local municipalities as to what they will & will NOT allow.
I Switched to Acrylics purely because of the smell.
My leftovers from that are from paint cleanup, rags, newspaper, masks, etc, which (in the UK) can go in the normal bin, & the water in the spray-out pot, which I pour out into a cardboard box & bin when dried out.
BUT I still have small quantities of Cellulose Lacquer, Mr Surfacer, Humbrol metallics & thinners, Acrylic Lacquer rattlecans, etc, which I try not to use in quantities large enough to generate lots of waste.
When I used Humbrols, I had two tins of thinners, one fresh for err... thinning & final cleanup, the residues from that went into a sealable jam-jar & allowed to settle, & then decanted into another jar for further use.