Should we save our baby's umbilical cord stump?

Some people do: Once the cord stump dries up and falls off, it's harmless and some people do keep it for a memento. What to keep in a baby box or album is a very personal decision, and also varies with culture. But dried cord stump poses no risk of carrying infections or anything bad. Also, the dried cord stump has no potential future medical use (banking cord blood is totally different process).