I believe we hold onto material possessions because they are an extension of our material self - our body, our memories, our life. Maybe we see a connection between holding on to them and holding onto this life.
But this is an excellent ritual. Saying goodbye to the old and no longer wanted is a little like saying goodbye to our pasts - but in a positive way. Goodbye to their eternal importance, their hold on our hearts and putting a heart-felt hello into our present and a nod to our future.
Good article, George!