I was the same in Oblivion.
From now on my inventory is going to consist of; My armour, obviously a full set. If I find better armour my weaker armour will be dropped. This will carry through for weapons (one sword, one bow, one shield etc) AND potions with a RP aspect brought into potions as to not carry a stupid amount. Rings and necklaces will be kept as like most people of Tamriel I have 10 fingers and the ability to have more than one necklace round my neck isn't going to cause severe back problems. All misc items can be bought as needed from vendors.
I think my main problem has been the wasted hours hording and selling junk for something I'm dripping with already (gold). Nevertheless the changes I'll bring into my next toon will for me to keep it a bit more realistic.
Edit: SPAG






). Man, I really had to play the greedy [censored] just to survive in that game.