Suze Orman TwitterSuze Orman FacebookSuze Orman YouTubeSuze Orman LinkedIn
View Blog & News List

Are You Hostage to a Self-Storage Money Pit?

November 19, 2015 at 12:00 AM

It’s estimated that Americans spend more than $20 billion a year renting space in a self-storage facility. According to the Self Storage Association, the number of households renting out a storage facility has grown 65% over the past 20 years. It’s hard to drive more than a few miles in urban areas and not spy at least one self-storage business (and often more). The aggregate land mass for U.S. storage facilities spans a total of 78 square miles, or more than three times the size of Manhattan.

If you’re part of that growth story I think there’s a pretty good chance you are wasting a lot of money.

The average rental cost is about $120 a month for a basic 10x 10 space that isn't climate controlled. That’s $1440 a year! And if you’ve got a larger space, or a climate controlled unit you are shelling out even more.

I have two basic questions for anyone with a storage unit:

  • Can you tick off a complete inventory of what’s in storage right now?
  • Is every item a necessity, or of significant sentimental value?

If you have lost track of what you have in the unit, or can’t honestly remember why you put it in storage in the first place that’s a sign you are throwing money away.

Money that both you and I know could be more strategically used. How about being able to send an extra $120 a month to pay down a credit card balance? Or being able to set aside $120 a month more in your emergency savings fund? Or managing to save $1,440 a year in a Roth IRA?

Those are some seriously great financial steps that are easily within your reach if you simply decide to get rid of possessions that you no longer use or need. Not only will you save money, but I bet you will feel so much better once you have committed to some long overdue purging.

Tag Cloud

community bankCredit Card Interest Ratesocial security not going brokebuy down insurance yearly reviewdo you need life insurancehome buying budgetstandard ratepay 100% cashloan is giftCollege of Veterinary Medicine30 year mortgage responsible with moneyhome insuranceEasy Life Insurance high deductible health care plancredit utilization ratefederal student loan deferment ForeclosureGiftback-to-school budgetsummer job match income stretch out haircut appointmentslong-term care premiumsstudent loan repayment planhealthy retirement blood pressurewould you decline a bonuskid borrow firstLong Term Care Insurance same-sex marriageschedule vacationlow down paymentemployer offered life insurancestudent loan repaymentno life insurance financially irresponsiblesuccessheartachelow mileage discountBaby BoomersExhibitionGracePost-Divorcedon't spend Personal Financebreakdown projected monthly housing costpaid vacationprotect loved ones 740 credit scoreFinancial AwarenessLegal Guardian8 month safety netplanautomatic withdraw to savings financing car Emergency Savingsshorter payback periodgift grandchild IRA contributionloan necessitysuitablesmall changes Holiday Shopping50 over 50unsubsidized Stafford loanretirement accountsUniversity of Floridateach importance of helping othersspecial saving accountpay credit debt ASAPdental savings planderailed planno private loansrequire chore in exchange for allowanceSelfishlive below your meansloved ones dependent on incomePrime Rate Rise 2015Invest for savings growthpresident ObamaLong Term Care premiumsnegotiate points with bank or selleradult childrendeath benefit 20 to 25 times annual incomelong term goalFinancial Awareness Video Festivalhome buying mistakesGay Rightshigh down paymentinterest on student loansconfident of solutionlet them have 50% controlYoung Adult LifestyleNewtownincrease retirement contribution rateoverspend on giftsAuto Savings rolloverStudent Loan2016 adjust estimated taxreduce interest rateaffordabilityFederal Stafford loanNew York LifeRevocable Living Trustfinancial aidMinor Children lowest cost fund optionForbes Top 10compare provider pricinginitial tax break women live longerpaid in fullcostly insurance mistakehousing marketinsurancelower interest rateraise insurance deductiblehigh credit score discount20 year level term Civil Rightssavingssocial securityroth irabad decisionsfinancial argumentsstay positivecommitbuy homedeath benefit needs for familyfiduciarymarriage financial responsibility20% down paymentconfidenthigh premiumsLTCi ASAPpreexisting condition not coveredspring summer is it necessary15 year mortgagesavings pleasureclosing disclosureletter to suzeMass Mutualjuggle multiple financial goalscalculate dependents annual income needsprofessional advisorlousy investmentteach your child good money habitsInfluentialsdangerous money season3 step financial road mapSuze approvedoverspend on dining outnot gender specific mortgagenon conventional routepercentage men widowed 75-84FICO credit score credit card mortgageclosing feeshealthy gumsone annual feeclosing costs 2% of loanapproved medical 100% tax-freeEmployer Matched ContributionHigh Credit Scorestore credit cardsincrease retirement savingsyours, mine & ours6 month waiting periodmonthly dental insurance premiumwomen outlive menbe true to yourselfgrandparent IRA contribution automatic paymenteliminate credit card debtSatisfyinglong-term care push yourself to save more for retirementInfluential Celebritycomparison shoppingpay off debtFinancial Power of Attorneyeight month living expense Ashley Springerkeep a scheduleCiti Simplicity Card lower mortgage interestHDHP/HSAMotherWall StreetMarlo Thomasretirementprotect and provide for minor child Communication Skills earn more on savingsreduce withholdingcredit managementJose RodriguezSandy Hook Promiselower premiumfull retirement ageMortgage Credit Availability IndexAccuQuote.comleave a legacylearn good financial choicesmental healthRetirement Savingsstudentdon't defer interest paymentsquick closingdon't buy wantscollege studentdoctors in networkrepay student loansAdequate Auto and Home Insurancetaxesidentity fraudno apologyfocus on new truth FICO ScoreTeachHDHP's are good for youmanage student loansUS Tax CodeFixed Rate Mortgagedangerous retirement planunder 18 financial giftaffordable premiumenjoy saving referrals Pay Off Debt Before Retirementverify wellness screening and programsbecome member identity theftthree year car loanhigher insurance deductiblebudgetGay Couplesis it true? no fee transferconsider roth 401(k)get credit cardbuying car 2016Save Us MoneyBill and Pennysecured cardSandy Hook Elementary SchoolGiftsbetter loan dealsstaycationhealthy youborrow each year, capitalization is going to pile up credit reportmoney vowsalways use all paid time offescrowannual cost of living adjustmentborrowing plan charges on credit cardCD'sFHA loan feesdon't blow tax refundLoveSuze Orman spouse Kathy TravisForbes8 month emergency fundpositiveGoodbyetax refund fraudLTC shoppingholiday spendingBeautybest interest of investormax employee matchis it kind?highest possible benefitgay marriage ban end Florida do not pay allowance for good behaviorinsurance mistakeAmericans don't use all paid vacation timeEric Dodge don't use allowance as bribepremiumfinancial independencehome loan credit score below 740 multiple lendersHow To Build Credithome ownershipgift up to 14,000Revocable Trustcommissionsallowance2015 record year car saleslife insurance name trust as beneficiaryFinal Goodbyelower rateallowance taskschool high FICO scoreDeath Benefitprotect dependent replace permanent life insurance with termmax employer matched 401(k) contributionno retirement funds for down payment!00% tuition paidno tax on withdrawlsiffy incomesave same sex marriage band end FloridaInflation BenefitMoneyraise your deductiblestandard deduction term insuranceHDHP unexpected expensecut monthly cable billonly offered while employed retirement planCory Bookermarriage inequalityConventional loan PMIuniversal college accessreal estate mistakessocial workBank2017 TaxesUniversity of Illinoisearn allowanceno waiting period20 to 25 times annual incomehome budget after tax costretain separate credit cardscar buying mistakesdoctor no longer in networkretirment savingsshort term goal 4 Must Have Documents bad retirement planninggift not loanhome buying seasonAARPno private loanBankruptcyFinancial Educatorrequired disclosureHigh FICO Score = Better Rateignore 6 month grace period zero rate transfer dealspoint cost offset by savingsHDHP's are not baddental discount planprotect your familyARM CautionStaffords this year have a fixed 6.8% interest ratepeace of mindSuze Orman2016 adjust withholdingorigination feesproperty taxavoid burn outStudent Debtage appropriate goalsmonthly benefit get health insurance3 bucket approach10 year repayment plan refundtitle insurancecredit unioncost of capitalization calculatorSuze Orman's Money Warsno negativitycar loanbe kind to yourselfmaintain standard of livingdepreciating asset financial concernworkaholicThe Suze Orman ShowSchool of Social WorkPhyllis Shelton expert long-term care10% donate to charitymortgage interest tax deductionMoney Marketbuying a carbest loan deal big results New american Dream pay interest while in schooltraditional vs roth 401(k)ARMSuze changed my lifeSwap Older Annuities or Life Insurance home related tax break bonus One Wallet At A TimeFICO at least 720Financial Solutions For Youstudent loan repayment estimatorburn outworst financial mistakeMust Have DocumentsAlarm Clockmeet monthly sidelinedpowerfuldon't ignore open enrollmentemergency fund FundsCombo Insurance Productspay down car loanoverspend on nights outbest interest ratesSelectQuote.comresponsiblefile asapSuze Orman Scholarshippermanent life insurancepay down student loan debtRichloan no longer than 36monthsautomate student loan paymentspay high rate off firstknow before you oweCOLAlong term caregrandchild summer job IRA contributionback door Roth IRAinterest capitalizationbe good example40% toward financial goalCommencementstudent loan debtLTCjanuary billsUrbana-Champaignchildren's bookcontribution children under 18debit cardmortgage disclosure15-year refinance dealrent vs buydon't cover cosmetic dentistryhealthy retirement weightfraudulent returnHoliday20% down payment avoid feesFederal ReserveSuze is my biggest mentor19 years cash flow problemWashingtontoo expensive schoolFederal Funds Ratetake actionget the most out of social security low credit scorereal estate marketcouple financesshop online guaranteed level term policyWarner Bros Television Groupcut monthly cellular billVeterinary Schooladjust allocations higher monthly paymentverify retirement plan with HR or plan sponsorcar leasingterm life insuranceHoliday SeasonWilldear suzerising home pricesno sneaking in feesmax benefit coveredwomen longer life spanexercise reguarlyHSA tax savingsCredit Card Rate Increasefamily save at least $100 monthly8 Rulesonly refinance if it paysmortgage brokeradvice for college graduateswomen long term careFree Debt Eliminatorlow-cost index mutual fundpaying for collegedebtmake saving a pleasuresecure creditsocial security never insolventwaive home inspection bidface your financial fearalternative FICO scoreraising mortgage rates better termsswitch to roth 401(k)emotional stakescnbc alarm clockmoney-aware childbalance transfer setup automatic savings withdraw401Kget over life insurance phobiafinancial fearsHearttax ID theftCNBCspeak new goalritual scheduleChanging Lives3 savings buckets emergency fund savingscostly legal employer funding HSAopen enrollment review is it necessary?add teenstrained relationshipdon't derail retirement savingsovercome financial fearsCPI-WFederal PLUS loandental insurance physical healthno late fee co-sign Most Influential Celebrities Listlife insurancecompare monthly expensesdon't charge a pennydon't extend mortgage Long Term Care shoppingIRA contribution gifted money3% debt transferred no splurge InterestAmy Lacyetpublic service loan forgiveness programVital Documentshealthy teethcommunity collegemobile appkids schedule paymentsrefinancegraduationETF'sFinancialcollege graduateSpendingpurely financial standpointpublic service career student loan repayment Overspendingultimate compounding giftage appropriate choreaccelerate dental workincentives for health care wellness screeningHDHP'snear historic lowsdebt freeRoth 401(k)buy home you can afforddon't do five year car loanprovider of financial supportFinancial Cliffno interest2015 financial roadmapengaged in financesdream schoolPrime Rate Increasefinancial goal phraseteensDurable Power of Attorney for Health Caretelevision hostloan big picture Money-SavingFinancial Systemprescription tier401(k) Contributionslower overall drug costwives should be involved in retirementitemized deductionStock Investmentsincreased auto insurance premiumwrite new goalat worst still pay 75% benefitbill paying prioritiesFinancial Gift CliffRetirement Incomenot enough life insuranceraising interest ratesFinancial Advicereduce monthly paymentteens and moneyfile taxes quicklyStudent Debt CrisisCredit scorehealthy aging switch to spouse coveragefour steps to retirement savings one credit cardpay more than minimumFRAvalue moneycontribute household expenses focus on needscan you afford itraise deductiblesTelepicturesFiscal Responsibilitynew carPBS Specialcredit cardcreate new truthanticipated salaryincrease emergency savings20% equitysave moneyvalentines dayAARP Social security calculatorbetter loan ratespercentage of women widowed 75-84

View Blog & News List
People First. Then Money. Then Things.
Connect with me on Facebook Connect with me on YouTube Connect with me on Twitter
© 2017 Suze Orman Media Inc. All rights reserved.
 |  Search  |  Sitemap  |  Privacy  |  Terms
Sign Up For E-mail Offers
Open Panel
Close Panel