I stop using a belt when it isn't cutting at a reasonable rate or in the way I want. Some may need re-conditioning or cleaning to get them back to usable. On coarse cubic type belts, I refresh them with a diamond dressing bar. On finer belts, I clean with a rubber stick. If that doesn't do what I want, I stick them in a garbage bag and give them to a friend who is learning. A bag of 50 to 100 belts is a huge deal to him. He doesn't care about grinding time. In my case, a crisp grind and speed are all important. Some belts only last for one knife, others dozens. It all depends on what I am grinding. I purchase belts in dozens so I always have plenty of fresh and sharp belts.
TIP:
My favorite handle shaping/finishing belt are the Klingspor scalloped edge belts I get from Pop's. They leave a perfect finish with no cuts from the edge. The 120 grit will shape a handle fast, and the 400 grit will prepare it for a flawless buffing. I keep some 220's for an intermediate step those tough to sand woods like ringed gidgee and some burls. They will last a long time if only used on handle wood and cleaned regularly with a rubber stick.