I'm brand new to everything sewing/quilting/crocheting.
For yarn, my "stash" consists of only five skeins. Right now I'm using youtube to teach myself crochet (it's easier for me right now than following a pattern). I'm using the yarn I have to make some basic dishcloths and granny squares (the granny squares will eventually become an afghan).
Fabric... I already have a stash there...! I'm just learning how to quilt, so most of it is for a future quilt. Right now I have enough, but will not pass up some great deals when I find them (like batiks for $4/yard), or Jack Skellington fabric on sale + coupon, or a remnant I really love. My mom has given me some scraps--flannel, heavy stuff (upholstery and outdoor), kid fabric. She works at a craft store so she finds the best deals, and she's also have customers give her their leftovers.
My goal next month is to organize everything and put it all in one location where it is easy to see. I'm hoping to get a sewing room set up as well.
Because I'm hand piecing/quilting right now, the stash busting is very slow. However, I'm also learning to use a sewing machine, and find that that goes 1000x faster. I did a "Weird Al" flag turned into concert blanket quilt on my machine and had it done in two nights. Hand sewing/quilting would have taken me weeks.
I've also made pajama pants (I thought it would be the perfect way to learn some skills). I have more flannel to use that way, and then I'll end up with more flannel scraps.
I've also got two knit fabrics for making a couple shirts (made one already and like it). I'll end up with stretchy scraps there.
I'm also in the middle of an apron using halloween fabric. It has little jars of stuff (jars filled with worms, spiders, vampire teeth, fish skeletons, etc). I fell in love with the fabric as soon as I saw it. I've needed an apron for when I do canning, and I think it's perfect. It's all cut out now, so I'll sew it together next week.
My goals for using up my fabrics:
Continue making quilts. I've done one baby quilt (up to the binding, I'm waiting to be shown how to do that), and have started another. These have used panels + a border fabric to make the process a little faster, since it's all hand stitched/quilted. I also want to machine piece/quilt some baby blankets to give to a children's hospital. My son spent his first two weeks in the NICU there, and I've always wanted to do something like that. However, my favorite quilts are scrappy quilts, I just don't have the scraps yet to make one.
Make more clothing. PJ pants, shirts, pj tops. Eventually some costumes, I found some gorgeous fabrics at an estate sale where they were selling everything from a 30+ year old local costume shop.
Make two cloaks. I have some fabric I bought specifically for this project. Just need to start cutting everything.
Not buy more fabric unless it is a great deal (like the batiks I just found for $4/yard). Or seasonal and can only get a good selection once a year (I need more clover/shamrock fabric for a quilt I want to do, but have to wait until Feb/March to get some more fabric).
Participate in some fabric swaps. This motivates me to cut fabric into ready-to-use pieces. It allows me to get rid of fabrics I don't need much of (I don't care for pink, or might have a remnant I only want for a few small blocks--good fabric, but more than I'll use). And, while I get some back so it doesn't really reduce the stash, I get all ready-to-use fabric back, and it gives me a big variety to use for a scrappy type quilt (or an eye-spy quilt).
Start making dog beds/a bean bag chair with some of the scraps. I lost my dog a few months ago :( but will make some to donate to the shelter where I got her. It's a good way to use up those too-small pieces, and can throw my batting scraps in there too (cuts down on weight). I have some sample fabric I can use for the outside covers.