as for keeping small pieces-
keep what you will use- pass on the rest-
if you are an appliquer- really small pieces come in handy=
if you do charm quilts/scrappy quilts-
if you only make big block quilts- need yardage then pass on what you won't use-
fabrics multiply like bunnies.
scraps are usually what is left over after you complete a project- if you made alot of flying geese blocks and have a bunch of little corner triangles-which you would never use- then toss them in a box to send to someone else when it is full-
if you have pieces you think you will use in another project then put them away-
you could have totes for different sizes- or you could just stack them up on a shelf.
some people sort by color- some by theme- some by size- it is up to you what will work for you.
if you keep your fabrics on open shelves protect them from sunlight-which will fade the fabrics-
what you should keep- what you should just get rid of is totally dependant on what kind of quilts you make-
if you are unsure- keep it- sometime down the road you may find a use for it- when the scraps are piled up like crazy and you haven't used a piece in a year it is time to sort them out-and pass them on...don't throw them away- someone can always use what you won't