When deciding on whether or not to keep something:
-Would you show it off to Family?, Friends?, Co-workers?
We've been slowly going through papers, clothes, small appliances, and kitchenware that we don't use anymore or we don't use it much. Plus there's always the continual process of use it up, wear it out, make it do, or do without. I'd add recycle it to the list too. The above question helps me to decide if something is really worth keeping.
A caveat is to also follow the adage of work smarter, not harder. Storing too much may not save you time and money in the long run if it no longer works, is expired, unsafe to use now days, or just plain takes up too much time to try to locate the item in question to use it.