Wanabee, I did this in 99'-2000, it took me 9 months at 15 minutes to an hour a day, to go through every drawer, cupboard, shelf etc. A FlyLady thing, but it was the best gift I've ever given myself. I had to recognize just how much money I'd been spending on things with no value to me.
I started living from the premise buy it if I need it, don't buy it if it is only a want. To think over the wants carefully. More than you want to know, but it changed our life entirely and I can't believe the money I've saved, more than enough to go into retirement without worrying.
I quit buying fabric in 2001, based on that exercise.