Do be warned, it stinks in a new and fascinating way after about 2 weeks when the fibre begins to rot. Make only as much as you need at a go. People will advise you to add a capful of bleach to prevent this, but it only delays the inevitable.
While Diesel's warning is true, all is not lost. Cannot find the original ref, but here
is my memory of it from a 2009 clayart posting.
Many years ago I read a letter in one of the ceramic mags from a potter who developed a
chronic farmer's lung condition, apparently from mould spores given off from "off" paperclay.
So it's not something you want to have around year-on-year.
His solution was very simple, just drying the paperclay into ingots (prob.in a plaster mould).
He reconstituted the nextday's clay in a bowl with a measured amount of water in it. The great
wicking you get from the paper fibre ensured that it was usable by the next day, maybe sooner.