There's a question of how often you need to do it and how often you should do it.
Water changes are beneficial in every way. With every water change you dilute nitrates and other negetive elements in the water, and replenish the positive elements. Over time the nitrogen cycle will gradually drive down the PH, so water changes stabelizes this. As far as I'm concerned they are the best thing one can do for the fish. I do water changes every week even in my understocked tanks because it doesn't take long, and I can rest easy knowing my tanks are always pristine.
Talking about basic maintenance, you can judge how much you need to change by measuring nitrates before each one and noting it down. You want to change the water as often as it takes to keep nitrates from climbing past a certain level, this might be twice a week, or every two months.