Ways to Save Money

If You Want to Retire With an Extra $20K, Stop Doing This Right Now

March 12, 2016
by Susan Shain
Senior Writer
get rid of it

Are you one of the millions of Americans renting a storage unit? Then listen up.

A recent Bankrate report revealed just how much money you’re wasting storing your excess stuff — plus how it could affect your retirement.

And the numbers ain’t pretty.

How Much Money Your Storage Unit Wastes

When you pay for a storage unit, you’re not only throwing money away — but also failing to invest it in something bigger.

Primarily, you’re missing out on the incredible power of compound interest. We’re talking tens of thousands of dollars here.

Don’t believe me?

This eye-opening chart from Bankrate shows what would happen if you invested that $25, $100 or $200 — rather than paying monthly for a storage unit.

Source: Bankrate

Source: Bankrate

Still feel attached to your $100-a-month storage unit, now that you know it could cost you nearly $20,000 over the next 10 years?

I didn’t think so.

Hopefully those numbers are enough to kick you into action.

If you don’t need it enough to keep it in your house or apartment, you probably don’t need it at all.

As for what to do with all that stuff, here are a few suggestions:

Isn’t it time you say goodbye to your storage unit…  and hello to a prosperous retirement?  

Your Turn: Do you have a storage unit?

Susan Shain, senior writer for The Penny Hoarder, is always seeking adventure on a budget. Visit her blog at susanshain.com, or say hi on Twitter @susan_shain.

by Susan Shain
Contributor for The Penny Hoarder

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