Lending Club Blog

Ditch the Storage Unit and Its Contents

Covering portable storage as a viable moving option in a recent post, Using Portable Storage For Your Move] reminded me to discuss the use of storage units in general. Such units promise to give you the extra space you need for a low monthly fee.

In a few cases, these units are a great option. This is typically true when the unit is needed for a limited duration, such as during a remodel, move, or anytime when space is temporarily limited. As a place to store all of the junk that no longer fits in your overcrowded house, the storage unit is a terrible solution. Unless you live in a real estate market where housing prices preclude you from having enough space for basic necessities, a storage unit is often an out-of-sight, out-of-mind way to conceal your over-consumption.

When I was packing to move for a second time in two years, I realized that I wouldn’t miss any of the items that were still packed from the last move. Storage units can have the same effect. If you do use one for a short time, keep track of how often you access the contents. Anything that isn’t touched in a few months can probably be sold, donated, or discarded.

Storage units cost you in multiple ways. In addition to the monthly rental cost is the depreciating value of the contents. If you’re not using an item, selling it as soon as possible generally gets the highest price. The obvious exception would be collector’s items that appreciate over time, but such valuable items are likely stored in your home. Insurance for your storage unit as well as the costs to drive to and from the facility also add to the expense.

With few exceptions, renting a storage unit is a real waste of money. It can also indicate a poor financial mindset. Excess contradicts frugality. Simplifying your life and eliminating unused possessions (and the resulting costs they incur) is more in line with the lifestyle I hope you all try to achieve.

Tuesday, August 19th, 2008 at 9:40 am

Comments (0)


Welcome Home

Lending Club named #5 on Forbes’ Most Promising Companies List

Get ready for tax season with Lending Club’s Tax Form Guide

New Adjusted Return Metric

See more
Lending Club Awards
  • Archives z

Recent Posts

A Message to Investors from our President and Acting CEO

Today, our President and acting… Read More »
May 19, 2016

Lending Club Receives Tribeca Disruptive Innovation Award

Disruptive innovation comes in many… Read More »
April 29, 2016

Lending Club Business Financing Review

One of the biggest challenges of owning a small… Read More »
April 27, 2016

Lending Club partners with Funding Circle and Prosper to launch Marketplace Lending Association

Read More »
April 7, 2016

Lending Club Welcomes Maryland and North Dakota Investors!

We’re now open to retail… Read More »
February 23, 2016

What is Lending Club?

More than one million Americans have achieved their financial… Read More »
February 16, 2016

Get ready for tax season! Lending Club Now Offering TurboTax Integration for Form 1099s

Read More »
February 12, 2016

Lending Club Success: Surpassing $16 Billion in Loans

Founded in 2007, Lending Club’s… Read More »
February 11, 2016

Credit Performance Update

Summary: Credit performance of our standard program is coming… Read More »
February 7, 2016

Critical Small Business Financing Issues

A recent Harris Poll survey conducted on behalf of… Read More »
December 17, 2015


We went public today!

Ringing the bell this morning at the New York… Read More »
December 11, 2014

New and Improved Statistics Page

We recently redesigned our Loan Statistics page to make… Read More »
November 13, 2014

Lending Club Honored with Economist Innovation Award

This month I was honored… Read More »
October 15, 2014

Welcome Vermont Investors!

Today, we’re thrilled to welcome residents of the state… Read More »
September 4, 2014

We filed to go public today

We filed a registration statement with the SEC today… Read More »
August 27, 2014

Our Billion Dollar Quarter

We’re excited to announce  that we’ve facilitated over $5… Read More »
July 8, 2014

Is Lending Club Available in My State?

Is Lending Club available in my state? That is… Read More »
July 7, 2014

Lending Club Joins Senator Cory Booker to Discuss Improving Access to Capital for Small Businesses

Read More »
June 20, 2014

Lending Club Named a CNBC Top 50 Disruptor for a Second Year

For the second year in… Read More »
June 17, 2014

PRIME is now Automated Investing

Lending Club is excited to announce that PRIME has… Read More »
May 14, 2014
View All w