But even with the best of intentions, renting a storage unit can end up being a money pit.
Are Storage Units Worth It?
When deciding whether to put your belongings into storage, here are seven things you should consider.
But youre still paying to store it each month.
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Thats yet another roadblock keeping you from saving more, paying off debt faster or investing.
At the end of 10 years, youd have $16,247.34.
Is paying for a storage unit worth missing out on that chance to grow your money?
You coulddonate your goodsto a nonprofit organization and get a tax write-off.
Alternatively, you may be able to rent out your possessions to someone you know.
Re-examine your home to see if there are places youve overlooked as storage options.
Could you rearrange closets to create additional space or put your bed on risers to store boxes underneath?
Asking loved ones to hold onto your belongings at no charge may also be an option for you.
Your friend who has an empty spare bedroom may gladly welcome your bedroom set.
Your college-aged nephew could really benefit from borrowing your living room set for a couple of semesters.
Not having a set end date can turn a couple months of needing storage into a year or more.
Youll also want to be aware of whats outlined in the agreement you sign.
Do you have to pay for a minimum number of months?
That doesnt mean thatll be your fate, but protecting your belongings with insurance is yet another expense.
You could potentially be paying to store items that you wont realize are broken until months later.
Nicole Dow is a senior writer at The Penny Hoarder.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
