Over the last couple years I've been doing the same thing basically. Decided to downsize our house and get rid of all the crap that I don't use, with the intent to only keep things that I actively enjoy. I couldn't believe how much shit I had stashed away! And this is coming from someone who has had to move for work every few years or so. I thought I was living fairly lean until I actually dug into it. I sold anything that was worth the effort, and gave away a shit ton of things. The awkward part now is that I have pretty much everything I need / want for the time being. So when people give me gifts (I try to ask for consumables like food items only if they insist on gift giving, but it's hard wired for some people) the new stuff generally goes into a box immediately to be re-gifted/sold.
To be honest, I don't even remember the stuff that I gave away anymore. It literally has had no negative impact on my life what-so-ever.