I started out making baby quilts, still my favorites. Then I found a pattern I really liked that called for "not quite" 1 yard of focus fabric, and 2 1/2 yards of secondary fabric. Then I started buying 1 yard cuts of kids fabric I loved. Now I buy 1 yard of anything under $5 I like, 3 yards if I love, and 5 yards if I can't live without it. But, I have very few 5 yard cuts and about 100 1-yard kids cuts.
People have donated fabric to me by the bolt. I use that for backs if I don't like it. I give it away to new quilters.
I buy fqs if I find them under $1, will pay no more than that. Still have a pretty large collection.
I have one shelf of "boxes of quilts". These are complete quilt kits I have made, with the pattern, and the beautiful fabrics, for "someday."