I love crafting and thrifting as well, so if I'm not careful I also run out of room. It's helped me quite a bit to list stuff on Ebay or on a clothing swap site (I use big wardrobe.com) as it's a lot easier to get rid of things when you are getting paid for it, or know it's going to a good home.
I also clear my closets out regularly, and figure if I haven't worn it in the last few months, then it might not be worth keeping.
I also keep a picture diary of my clothes. This helps me remember what I have, and what I actually like/looks good on me. It also makes it easier to get rid of things when I know I can at least keep a picture of it.
I also tend to buy/make a lot of things for other people. This means I still get to shop and craft, but at least it will be leaving my home.
You can also try making a thrift/craft fund out of a cute jar or piggy bank. If you limit the amount you can spend, then you can't buy as much.
Hope some of those help.