I was collecting everything, no matter how small. I have finally decided that there are just some things I will likely never get to and have begun only saving fabric scraps that are an inch or larger. If it is close to an inch I throw it in my applique scrap pile to be used as a small circle or flower center, something along those lines. If it is less than half an inch I don't bother with it. I do save them, but I pass them on to the two major art quilters I know who teach and are big at having their quilts tour the country in various shows. It makes me feel better to know that someone else can make good use of what I consider scraps. :D
I also use the smaller pieces for leaders, though I call them spiders or monkey tails. Sometimes I'll get so many little threads sticking up they look like a 2D image of a hedgehog. :lol: