Can knitters be minimalists? Stash, a prominent word in the knitting & crochet vernacular referring to a fabulous collection of yarns for future or emergency use on projects. Stash sounds a little bit like hoard to me which has not much connection to a streamlined lifestyle when it comes to stuff.
Yet, it is attainable, just make a promise to yourself to cut your fiber consumption by 50% or more and start to work through that compilation of beautiful yarns. Get creative, make presents using one skein or combine to make a crazy blanket. After about a year you may see the end of the tunnel and be able to enjoy your finished projects and lack of clutter.