I can so totally relate to this thread. My divorce was finalized about a year and a half ago. In the chaos of that time, I moved three times - from my home (he filed bankruptcy and they foreclosed) to an "illegal" rental 1/2 the size, then to a townhouse 1/2 that size (the landlord decided to sell 1/2 way into my lease) and finally to a small apartment about the size of my old studio. Each time meant selecting only the most precious of stuff.
My apartment has two closets in the bedroom. My supplies and tools take up the larger of the two closets and under my queen sized bed. I focused on "tools of the trade" - my stamp mounts, my stamps, all the basics. Cardstock and paper is a consumable - and tastes, styles changed as often as fashion. The colors that are popular 5 years ago are not now. So, I stock on basics and neutrals.
Some of the stuff I couldn't bring went to shelters, friends, goodwill and anywhere and anyone who promised it a good home. A sweet friend and former model (I do portrait photography) got married this fall and I used a huge chunk of remaining stash to make favors, placecards, table cards, thank you cards, etc. It was a lot of fun. Very rewarding.
By focusing on the expensive to replace items (like the cricut, book binding tools, etc.) - I get the joy of buying a few sheets of new paper for just a single project. I have one iris cart dedicated to unmounted stamps and when a drawer fills up (organized by category) I know it is time to sort through images and donate or give away stamps I no longer "LOVE" vs. like. The donations are often tax write offs, and the give aways feel really good. I know a lot of college kids, etc. who can't really afford a hobby like this, and they always appreciate my "cast offs" and in return I have more crafting buddies.