I don't know if I qualify as a true quilter because I only do foundation piecing and some strip quilting.
My stash is the left-over fabric from whatever project I have finished. I buy 5% more than a project calls for in case I make a mistake. I will use those left-over's in other projects until there is nothing left but fuzz.
The only time I buy any fabric not being used immediately is after Christmas and only if the Christmas fabric is really unique.
My reason for this is past experience. I used to have all these ideas and then I would go buy, buy, and buy more fabric every time I turned around. Nine times out of ten I never got around to doing the projects and often forgot why I bought the fabric a couple of years later because my tastes had changed. I had so much fabric that I no longer really cared about and felt guilty and foolish for spending all that money. I gave all this fabric to a local guild to make charity quilts.
So now, I find a project I really like, either create a pattern or buy one and then shop to that project. I also restrict myself from having more than one project at a time in case I get side tracked and don't get the project done in the specific time I thought I would.
But I do love going over to a friend’s house and drooling over her stash!