I'm a pretty minimalist person at heart. I used to love that everything I owned fit into one backpack. But now I'm also a homesteader with a handy husband, and it's definitely harder to navigate what we "need".
Some thoughts:
+1 on considering your minimalist goals. If it's a tiny house or moving, then as you look at each thing, ask yourself, "if I had only 120 sq ft, would this make the cut?" or "is this a thing that I would legitimately pack with me to move across the country?"
It might help to make some different categories of things, rather than just "keep" or "discard." So have a pile for YES, a pile for NO, and a pile for "maybe keep if I don't move but get rid of if I do" or "I probably shouldn't keep but am emotionally attached to and don't want to get rid of just yet," etc.
Once everything is in piles, take a look at your YES pile. Is it the right amount of stuff for you? Revisit the other piles and try again to sort into yes, nos, and maybes. Many people then pack up the maybe stuff and put it in a box with a date on it, then store it away. In a year (or 6 months, or when you move, or whenever), you take another look and decide if you've missed anything in the box, and get rid of the rest.
It's also helpful to remember that minimalism is a process. We discard, live with the new normal for a while, realize there's another pile of stuff we don't really need, or miss and want back.
Hobbies are tough. It's helpful to be honest about your time available, and also to be practical about what could be purchased again if necessary. How often do you realistically need that tool? How much of a pain is it to acquire again if you needed it? How much space does it take up to store? How much life energy and money is it costing you to keep it?
DH used to be a very active stained glass artist. It's a bulky, messy, time-consuming, space-using hobby. He realized at one point that he didn't really have the time that he wanted to dedicate to it, and also that there were other things he actually wanted to spend more time on. But it's also a hobby he loves and would like to return to someday.
He kept his tools, which are small and easily stored, and a few pieces of special glass that would not be easy to replace and that he decided he didn't mind storing and moving, and got rid of the rest. Now, several years later, he has the time again to get back into this and is really looking forward to it. Once we have a space set up, he knows he has his tools. He'll just need to find the local glass store and decide on a project and he can easily start up again.
Remember, though, that most hobbies are about skills and knowledge. The things you need to get going again are usually pretty easy to re-acquire, especially used from people getting out of whatever it is! :)