There are only so many things you can carry at any one time so you will need somewhere to store those items you are not using. A good option for this once you have stockpiled some wood is to go to your crafting menu and build a chest for 50 wood.
You can then use these chests to organise everthing useful that you pick up in the game. You may want to consider having a chest in your house, one next to your crops, one next to your barn, and one next to the mines. In the house chest just keep the things you don't use very often but want easy access to. Keep your tools in the chest beside your crops, livestock-related items in the chest next to your barn, and weapons and monster loot in the chest that is by the mines.
This system for storing things is effective as it reduces the time you are walking to and from different areas as the items you need are already stored in that area.