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.
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:
- Practice KonMari, the art of decluttering.
- Earn money with a garage sale.
- Donate items to charity for a tax write-off.
- Give your stuff to friends and family who may need it more than you.
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.