I never precut fabric, but i do buy jelly rolls, fatquarters, bundles and remnants if the price is right.
I have bins of fabric i got at yard sales and because I liked it. I have a smaller bin for fatquarters and leftover pieces. I also have a scrap drawer in my applique drawer stack of ridiculously small pieces. I have a large plastic bag for 1 1/2" pieces which will be a postage stamp quilt someday.
When I am ready to make a quilt, I cut all the pieces.

I cut my leftover fabric into 5", 3.5", 2.5", 2" and 1.5" squares as well as 2.5" strips. I have a pattern in mind for each size that I cut. I didn't used to be a scrappy quilter but once I made one in a group swap I was hooked. I participated in a swap where each person brought 250 2.5" squares. We mixed them all together and then each person counted out 250 squares and put them into a brown paper lunch bag. The bags were collected and then they were randomly handed out. We each made 9 patch blocks and then we each set the 9 patches any way we wanted. I paired mine with snowball blocks. Each quilt was different and contained so many of the same squares. Its been all downhill since there. I have made several scrappy quilts since then. Most have been given away but I love making them because I love seeing the fabric left from other projects turn into something else. Its like a trip down memory lane. I highly recomend Bonnie Hunter's site for scrappy inspiration www.quiltville.com

I don't cut until I know what I'm making.

Oh my goodness, I been on a spending spree for years.
But when I want to make a quilt I can find just what I need on the shelves. I do cut my scraps into usable pieces.
Squares, strips or what ever they will make, If I don't use them someone will. Nursing homes and various other places.

I just bought lots of yards of fabric yesterday, not one quilt planned for it, I will decide when I choose to use it. I just like lots of choices. I do love the scrappy quilts. I dodn't pre cut any fabrics, sometimes I cut it for a certain quilt, then change my mind and go with a different color. I save all leftover strips, squares , etc.

I have 3-4 specific types of quilts that require scraps. An X quilt (my name for it) that requires 1.5 inch strips and whatever size square I decide to use, puzzle piece quilt, and two others. When I make enough quilts that the pile of scraps starts to bother me, I cut the scraps to fit one of those categories. When I have enough scraps, I make the quilt.

I only purchase enough fabric to make specific quilts and don't really have a "stash." This works for me.

I don't pre-cut anything either. I cut extra pieces (left over from completed quilt projects) into 2 1/2" squares or strips. They will be turned into scrappy quilts one day. I keep them stacked in my cabinet. They do not fray when stored this way. I only remove them when I'm going to use them.

I like to make kits on the days when I have time and don't feel like quilting. I go through my fat qtrs and cut tumblers, 10 inch or 5 inch sq. , circles etc...I love opening my closet and pulling out a bag of precut fabrics that are already sorted and ready to sew. We I precut I do have a quilt in mind and only put the pieces in that I am going to use for that quilt. I also just signed up for a class to do a bag. It used 48 charms. So I just cut all of my 5 inch pieces and also added the yard and half from my stash out in in abag and its all ready...though the class is next month. Precutting helps with storage. I never precut anything that is 2 yards or larger since I use those for bindings and borders. I never precut my strips.

No pre cutting here...

Mine doesn't get cut until the start of a project.