Are You Spending Money to Keep Stuff You Don’t Need?

Posted on 6-04-2024

Are you one of many Americans who leases a storage unit? This week, Craig Siminski, of CMS Retirement Income Planning, shares with us an article explaining why, for many, it may be worthwhile to let go of unneeded belongings instead:

It’s estimated that almost one in five Americans leases a storage unit. In March 2024, the nationwide price for a climate-controlled storage unit averaged nearly $150 per month. Storage renters may pay more than that for large spaces and at facilities in high-cost cities such as Los Angeles and New York.

If you keep excess belongings stored away from home and well out of sight, this recurring monthly expense may not stay top of mind. However, finding the motivation to empty a storage space could create breathing room in your household budget and/or yield savings over time that helps you make progress toward important financial goals.

For example, if you were to invest that $150 per month in a college savings or retirement account, the balance could grow to $25,963 in 10 years or to $78,139 in 20 years (assuming a hypothetical 7% annual rate of return).

It may not be your favorite way to spend a weekend but decluttering the closets, garage, and living spaces in your home would be a good place to start. Prioritize and make room for the possessions and keepsakes you love most but resolve to let go of things that may not be worth keeping, especially if you must pay for storage indefinitely.

Try to sell furnishings, housewares, toys, or clothing that you don’t use regularly for some extra cash by posting ads with photos on resale apps, websites, or social media, or possibly by having a yard sale. If you can’t sell certain items, you can…

To Read the Entire Article, Please Click Here.

Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 25 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.

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[Photo Credit: Robbie Cameron – licensed under the Creative Commons Attribution-Share Alike 4.0 International license]