My wife and I almost bought a house we couldn’t afford, but something told us it was a bad idea. Fortunately our intuition was spot on because the next week I had lost my job. We had already purchased some furniture for this new house and had nowhere to put it so we decided to place it into storage until we were able to purchase a house, instead of finding a way to sell it. We paid $60/month for the storage unit to house the furniture and other things we likely weren’t going to use.
It took us 10 months to realize what an unnecessary money drain this was because we could be using this money for the rental AND selling the goods to pay down debt. It was a $600 lesson we had to learn, but thankfully learned it before years went by!
– Submitted by Matt
Storage units are good for short-term storage. I used one when I first moved home after leaving my ex-husband until I could get things situated. I used one again when I bought my house in order to help with the moving process.
But never are storage units good for long-term storage. These could add up to hundreds of thousands of dollars wasted away given enough time.
Storing things you don’t need, whether it’s in a storage unit or your own home basement/attic, is like letting cash sit in the dust (not to mention the drain of paying to store items). We all need more “white space” in our lives (for those of you familiar with web terms). By this I mean empty space to just exist, whether it’s time or physical space in our homes. I guarantee you most of the people reading this, myself included, have plenty of items in their home that they just don’t need and don’t get used. Why not put it to use in paying off debt? I have a coffee pot in my basement I plan to sell at a yard sale because I don’t drink coffee. Why not use the coffee pot to pay off debt?
Amount Flushed Down the Money Drain: $600