I learned a couple things about my sewing and fabrics and then organized them based on what I wanted to spend my time and effort making. I don't care to sew clothing since I can buy them cheap at the thrift stores. I want to make Quilts. I donated any fabrics that I would not use for a Quilt. I mostly like monochromatic Quilts so I grouped my fabrics in color families. If I had fabrics that had multiple colors, I added it to the color stack that I would use it with. I divided my fabrics between two totes and labeled the outside of each. Tote 1: blue, red and black fabrics. Tote 2: pink, purple, yellow, green, white, and brown fabrics. I made a guess of how big each color stack would need to be to make a King size Quilt and when each stack is big enough I don’t collect that color. When I go to buy fabrics I only pick fabrics that would complement the fabric I already have and pass on the others.
You can visit my blog post to see how I set up My Sewing Space.
You can also read about My Quilting Plans.