I don't get overwhelmed by my yardage, which I store, organized by color, in wire bins purchased from The Container Store. My biggest challenge is what to do with all the little "odd bits & chunks" and since I actually do sew quite a bit with pieces as small as 1.5 inch square, I'm very reluctant to just throw them out!
One idea I've found quite helpful is the "Fab Four," where I list the top 4 projects I want to focus on. Frequently these are the projects with an approaching deadline. I'm trying to stick by the rule that I must finish 2 projects from my Fab 4 before I can start a new project. And when I *do* start a new project, I alternate -- one time I will allow myself to start something totally new, the next time it's something from my UFO list. This was I can start at least a couple totally new projects a year, while still dealing with things I've started but not finished. And since most of what I make are queen-sized or better, and I piece the backings, I can go through quite a bit of stash and actually USE it.