I have a static library that is in a separate project. That way, I can fully develop the library, complete with unit tests, etc., and then just reuse it, making another project dependent on it.
This means that I do not need to cut / paste, and it also means that I have to find / fix the error or add / change the library function, then it can be easily tested with regression.
Now all projects that use this library can come in handy.
So, for my money, it's time to turn a collection of "useful code" into a library, of course, when you find that you want to use it again.
(Of course, we all have useful snippets of code that we reuse by copying / pasting from a previous project - this is not always correct in order to be in the library.)
source share