I keep a plastic bag hooked and hanging down under the front of my machine. Thread, small scraps and anything soft goes into it. When I have quite a bit, I use it to stuff pin cushions, soft dolls, doggie and kittie beds, etc. It helps to save on buying stuffing. Also any batting that I have left over from a quilt is used for pillows, dolls, and all of the above. I make these things to donate to a charity sewing group that is active in my area.
Was raised during the 40's and was taught never to waste anything. I'm sure if you don't want to do these sewing projects, you can find someone who will, or who knows some place to donate them to.