I have LOTS of fabric, I'm not even going to try to estimate how much. Most is prewashed & folded fairly neatly in various moving boxes, waiting for the day of creation. Several years ago I started storing all the fabric for one project together with the pattern, so when I pull it out of a box (after another frequent move) I can get to work.
As I'm cutting for a project, I cut any small leftovers into strips, from 1 inch to 5 inches wide. I store the strips in plastic drawers, labeled 1", 1 1/2", 2", etc. I often pull from these for scrap projects.
The danger of this system is that your tastes will change. I have bought far too much over the years, and sometimes don't want to make the project anymore. I'm making every effort to use up all my fabric, and get rid of whatever I don't want to make. I'm doing this by making charity quilts, trying to pull from current stash for new projects, and staying out of fabric stores. That's the hardest part! So, my ultimate goal is to not need much fabric storage at all -- I have a long way to go!
Kathy B.