But paring down is not just about clearing out. It also involves taking stock of how times and our needs have changed. For example, has the cappuccino maker you used daily 10 years ago been rendered obsolete by the Starbucks near your office? Similarly, the overstuffed chair-and-a-half should give way to a much more versatile sectional. And we may end up with a few regrets. Barden gave away a black-and-white coat that turned out to closely resemble the hottest thing on next fall's runways. "We err sometimes," says Barden. "So what. You move on."

The real challenge is in not waiting for major life events or retirement or downsizing to rethink what you can do without. It should be something we do on a regular basis. Rothschild's company can give order to what looks like clutter, but it is only a homeowner who can decide what clothes are old, not vintage; what furniture is out, not antique; what papers are trash, not treasures.