Yes, especially since one day you step outside and suddenly all skinny jeans are passe. What's worked for me is starting at the basics. First, if it doesn't fit, it's out. Second, check what you already have so don't duplicate.

Start the rebuild with pieces that are staples with long shelf life (i.e. not overly trendy). Start with just incorporating a few new pieces and you'll be surprised how much of what you have is still good.