> our household: no external storage. If it doesn't fit in the space we live in, we're not keeping it
This assumes you can afford a space to live in that has minimally adequate space to store necessary posessions.
In many areas that is nearly impossible, it would cost millions for a house that can have enough sqft to keep the basic minimum sport/hobby/inheritance things one needs.
I guess it depends on your definition of "basic minimum sport/hobby/inheritance things." The point is to put some guardrail in place, otherwise you end up spending money for years on stuff you don't see except when you move it to a different bin. It forces you to make decisions.