When it gets really cold and pullovers, cardigans, shawls aren't cutting it... nothing does the job better than a good ol' blanket.
I might think about knitting a large wrap. Something earthy with big cables all over it.
I know last year I thought about cutting back on my knitting time... but I don't want to. I love knitting. I am, however going on a yarn diet and I plan to only knit from stash. We'll see how this ends.