I became aware of my problem with this very issue a few years ago. We have the his, hers, and ours financial arrangement, so hobby purchases that are solely for my personal enjoyment come out of my personal checking account and those that benefit the family in some way come out of the joint checking account. This is a nice arrangement that suits our family well. The only drawback is it masks the true amount of money being spent on hobbies/crafts.
Enter Fall 2007 when we moved out of our home for three weeks due to home repair and improvement projects (one was beyond our control and I tacked on the others since we already had to be out). I had to pack up 90% of our house for a three week stay with my dad (90 second walk from door to door). OH MY!!! Thank goodness I started EARLY! That experience made me FULLY realize just how many craft items I had.

(To his credit, DH never complained or said a negative word and he hauled most of these boxes!

He did tease me a bit, lovingly.)
Ever since then, I voluntarily put myself on a "craft diet"

where I can only purchase items that are needed in order to complete an existing project I am in the midst of actually DOING. Absolutely no NEW crafts and no craft supplies just because it was a good deal. The idea being that more craft items would be used up than would come into the house and the net effect would be less supplies and less money spent on those supplies. The benefits would be more space for the existing craft supplies (instead of spilling out everywhere) and more money to allocate to other goals of ours. In the end, though, I decided to spend some of that money saved on crops and travel in order to get away and actually get projects done.
Just over two years later....
~ Financially, this has worked out REALLY, REALLY well! The amount I've spent on going places to do crafts has been FAR less than what I was spending on supplies. My personal account has hardly been touched in these two years and the joint account has had less than a quarter of the previous expenses in this category.

~ Space-wise, hmmm.... I'm still waiting for this benefit.

I believe I may have owned enough craft supplies for a decade of projects. I have donated oodles and oodles of items to various causes, so items are not actually spilling out unless I am physically working on projects now.

~ Shopping-wise, I have not been perfect in the "NO new crafts or supplies" portion of my craft diet, but the net effect has been minor. I took up knitting in order to teach my DD, who really wanted to learn. Most of our yarn has come from friends and we've only purchased 3-4 skeins for specific projects for DD. I have been given quite a bit of 'swag' from various craft shows and crops, etc. Finding room for this stuff requires me to go through my supplies and donate to a cause.... DD, friends, random "free" spots at events, and some specific charities.
~ Results-wise, I am getting things done and enjoying crafting again!

All the shopping in the past was actually getting in my way of DOING.
For 2010:
~ I have joined the Compact, which further reinforces my way of life nowadays and specifically keeps the craft and hobby issue under control.
~ I joined the 52 Project Challenge, which is turning out to be highly motivating in completing projects.
~ I loosely committed to the Decluttering 2010 Items in 2010 Challenge. I say "loosely" because 2010 items seems really, really high to me considering our home is in great shape, clutter-wise. I joined, though, in order to be motivated to get to the next layer. I know my strengths and weaknesses. I can pack things really well and make closets and drawers look very tidy. Therefore, our home doesn't LOOK cluttered at all, but I wonder if we use everything and truly love everything....
You, too, can do it!!!
