If youre the type of person to hoard stuff just in case you might need it some day, then storage units are your friends and your enemy, Time.com reported.
The common misconception is that by storing old furniture, clothing and other belongings, you can relieve your savings account by not having to repurchase these items when or even if you need them in the future, author Natalie Campisi wrote. Unlike storing extra belongings in your homes attic or garage, though, keeping units at storage facilities costs you extra money."
Time.com noted that the average national storage unit costs per month range from $40-$50 for a 5-by-5-foot unit to $225 for a 20-by-20-foot unit.
When these expenses equal a monthly car payment or grocery bill, you are wiping out any savings from hanging onto stuff you might someday use, Time.com continued.
There are times when a self storage unit, though, is needed. Such as when youre in-between homes, Doughroller.net noted.
Its not like you can take your couch and dining room table with you when youre crashing on your parents couch for a week before you move into a new apartment," author Abby Hayes wrote.
It can also make sense to protect an investment such as an antique car or a rare collection before cashing it in, or for small business owners that need a place to store equipment or paperwork, it continued.
Before you rent a storage unit for any length of time, understand what benefit youre getting out of it," Hayes suggested. "Is it really saving you money or a great deal of hassle in the long run? Or is it just going to become a money sink?"
Womans Day had a four-step plan to consider if a storage unit is really needed:
The common misconception is that by storing old furniture, clothing and other belongings, you can relieve your savings account by not having to repurchase these items when or even if you need them in the future, author Natalie Campisi wrote. Unlike storing extra belongings in your homes attic or garage, though, keeping units at storage facilities costs you extra money."
Time.com noted that the average national storage unit costs per month range from $40-$50 for a 5-by-5-foot unit to $225 for a 20-by-20-foot unit.
When these expenses equal a monthly car payment or grocery bill, you are wiping out any savings from hanging onto stuff you might someday use, Time.com continued.
There are times when a self storage unit, though, is needed. Such as when youre in-between homes, Doughroller.net noted.
Its not like you can take your couch and dining room table with you when youre crashing on your parents couch for a week before you move into a new apartment," author Abby Hayes wrote.
It can also make sense to protect an investment such as an antique car or a rare collection before cashing it in, or for small business owners that need a place to store equipment or paperwork, it continued.
Before you rent a storage unit for any length of time, understand what benefit youre getting out of it," Hayes suggested. "Is it really saving you money or a great deal of hassle in the long run? Or is it just going to become a money sink?"
Womans Day had a four-step plan to consider if a storage unit is really needed:
- Go through your stuff, picking out what isnt needed or that youre undecided about. Experts say that if you havent used an item within a year, you dont need it.
- Gather cost information. Note what it would cost to replace items you want to store. Then, figure out the cost of a unit for what youre storing, as well as any insurance costs to protect your items.
- Decide on your storage timeline, giving yourself a deadline for when youll take them back. Then calculate the total cost of storing your belongs, with the results in Step 2 multiplied by the number of months youll use a self-storage unit.
- Compare the final numbers to decide if your stuff is really worth storing.
