From a discussion on clutter-busting on the 43 Folders Google group comes this pithy advice from David Douthitt:
Don't save clothes because:
a) they may come back into style;
b) you might need them for a formal party some day;
c) you might be able to fit into it if you just lost a few pounds….
Get rid of the clothes you are *not* wearing now…. whatever the reason (except seasonal).