1. EDIT, EDIT, EDIT. If an item of clothing is dated, worn, or in the wrong color now, you can bet you won't want to wear it in two years when you are done losing your baby weight. Only save the REALLY good stuff.
2. TRY ON EVERYTHING IN YOUR CLOSET. Yes, I mean everything. The other day I was freaking out that I had NOTHING to wear to a weekend of wedding events in June. Then I actually tried on the dresses hanging in my closet. Lo and behold, I actually had enough in there that fit to get me through the weekend. Ka-ching! Money and time saved shopping for new outfits.
3. WHERE TO PUT IT ALL. Your closet is not the place for size 4 skinny jeans if you are currently a size 8. Those clothes go in a labeled, organized, clear bin somewhere you don't have to look at them. Your closet is the place for a few of your favorite size 6 pieces that you will use to gauge if you are back in that size. I put my usual go-to wedding outfits, my prized collection of Alberta Ferretti dresses, hanging together in the corner of my closet, to remind me how much I want to get back into them!
4. ADDRESS YOUR LIFESTYLE. Are you now a stay-at-home or work-at-home Mom? Then you probably won't need all of the suits you wore for your life as a banker when you were 25. Miniskirts and tops you wore to the bar where you met your husband 10 years ago should also go, even if they still fit.
5. BE GENEROUS. A great reason to edit ruthlessly is to give to others. Hang onto those suits for another 5 years and they might be too dated for someone else to wear. Donate them now and a woman in need can wear them to a job interview.
One final word of advice: Don't be afraid of empty space in your closet. The less you have, the more you will wear. Trust me.