I've been doing this for the last year. I have emptied one shelf. (I have 2 sets of shelves 72"x30"x18".) If I finish some of my Works in Progress I'll have 2 more empty shelves. Then I can empty some of the boxes stored in the closet.
It becomes an interesting challenge to use what I have and avoid buying more. I have spent less than $100 this last year on fabric.
I needed to get tough with myself because I was running out of storage space.