I kind of adopted a $20, 1 hour rule. If I haven't used something in over a month, and I can replace it for under $20 in less than an hour, I get rid of it.
Of course I grew up around hoarders, so I might be overcompensating in the other direction.
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I love it... I am going to apply that to my place... which could use a bit of the 20/1 rule.