Here's my philosophy on what to keep (and what not to):
- Is it useful NOW or today? Put it near you.
- Is it useful in a week or so? Put it in a drawer somewhere.
- Is it useful in a month or so? Put it in a closet.
- Is it useful in a year or so? Put it in storage.
If there are too much of the unpractical stuff, you should toss them as much as possible, or put them on display (on a wall? shelf?) so it doesn't take up space and look like clutter.