For school we had to do a couple of collages and also a mood board. Our instructor explained the differences between the two as this: A collage is just in your sketchbook on two facing pages, not done for presentation but more for you. The mood board is on foam board (of varying sizes) and is done with better presentation with care paid to what you put on it and how.
We also had to keep an inspiration binder. Mine was REALLY good. Really thorough and filled with everything I could possibly find that was inspiring to me sorted, as requested, by topic. It was not supposed to include clothes that you like from the latest collections but rather source inspiration (unless a specific style of clothing REALLY inspired you of course).
I recently moved overseas and my funds available for shipping my possessions was low. Paper is heavy and my inspiration book had to go. I kept about 10 pictures only that I really could not part with(out of like 150+). Before this I had file folders full of pictures of clothes I like too. I was a bit sad to let so much work go and to loose so many years' worth of collected pictures but doing this really showed me what my most important inspirations are. Anyone who has binders and binders or boxes and boxes, or even a huge folder on your computer of photos, if you feel brave enough you should try this too. I feel free and am approaching my designing with new eyes and have been able to progress ahead further and quicker without old fondnesses holding me back. I never would have thought to get rid of it all on my own but it turns out starting over was a great thing.