Peter Walsh, has an exercise in his latest book, Lighten Up: Love What You Have, Have What You Need, Be Happier With Less. This exercise will help you estimate how much money you are wasting. Who doesn't want more money in their pockets?
"Try going through one room and make a quick estimate of the cost of what you are not using. For example, look in your bedroom and consider the cost of unworn clothes and shoes, unread books, unworn jewelry, or unused makeup. Consider the unused toys in your den or child's bedroom. If any particular item you come across tugs at your heart or makes you emotional, then consider that an added cost. Add up the cost of the items-I'm guessing that some of those clothes still have the tags on them so it won't be that hard-and write down the amount. Is it big? How much of that are you still paying off? This simple exercise should give you a rough estimate of the cost of clutter in your home."
If you feel guilty throwing items away, there are options. You can donate them, bring them to a consignment store or have a yard sale and make some money on the items.
In your spare time, I would love for everybody to try this exercise and get back to me. Give me any feedback you would like to share.