I do the same thing with wood. Save special boards for just the right project. The project never materializes and the wood just sits. A friend helped me with that. His advice was it's just wood. Use it and enjoy it. It does grow on trees afterall. It's been easier to dig into my stash since then. Same goes for fabric. No matter how much you use there will be more. Pick some projects you like that showcase your favorites and go for it. You'll be happier when you do.
Don't be afraid to give it away either. Especially if you know the person will enjoy it too. I've never regretted any gift I've ever given. What you give always comes back bigger than you gave.
Rodney
*Editted for spelling*