It’s nothing new to hear, yet again, how the economy has taken another turn for the worst. Mortgage rates continue to fluctuate in an unsteady mess, and in an unforeseen twist, two “high-ranking financial whistleblowers” said they warned their respective companies about upcoming money crisis on 60 Minutes. But, no matter the amount of hindsight warnings that may come to light, millions of Americans are still finding themselves in financial trouble – financial trouble that may involve losing a home or having to downsize into a more affordable space.
To keep a mortgage in check, families have taken to renting out an unused bedroom or space, or tapping into a savings account. Another option has been to consolidate living spaces, where roommates are a cheaper alternative than living alone. College grads have resorted to moving back into their childhood homes and elderly couples have chosen to live with their children. These accommodations have been adopted by thousands across the country – all in an effort to beat the recession and keep their bank accounts in the black.
For example, in a feature in the New York Times, one woman tells her economic story both at work and at home. Lisa Buck, who works to help those who have lost their jobs to keep their homes for the non-profit company, the Bridge Fund of Westchester, sees the effect of the mortgage crisis on a daily basis. But in Buck’s personal life, she takes it to the next level. Buck’s two sons, 24 and 21, live at home due to the unsteady economy. The eldest, an organic farmer, according to the article, has a low-paying job and continues to look for a part time job to help his income. And the younger son is a college student, who decided to take a year off to reevaluate his major of business administration. In the mean time, living at home helps him pay the bills.
However, there have also been plenty of homeowners who have downsized. Whether it was a financial savings plot, or a last resort, selling homes and either re-purchasing (this time much smaller) or renting has become another tactic. But, no matter the reason for downsizing into a smaller place of living, there’s no reason to also downsize your precious heirlooms and belongings …enter self storage facilities
Why It’s Working
For decades, consumers have been saving cash by keeping their things in self storage facilities. How are they doing it? It’s simple. By only using what is needed, people from all types of living situations are able to save some of their hard-earned cash.
Think about it: someone else is paying the property taxes, the insurance, even the electric bill. All the renter is responsible for is their monthly rent, which is adjusted for the amount of space they need. Have a small amount to store? The rent will reflect each situation. And, unlike mortgages, which last decades at best, renting a storage space can be an ongoing deal or one that is short-lived. Just by cutting back on home space, U.S. citizens everywhere have been able to decrease their living expenses without having to get rid of their belongings.
No matter your housing situation, renting a storage unit is by far the best deal for saving – both in goods and in money. While the housing market may not be a steady one, property owners everywhere still have options when it comes to saving funds.
For more information on self storage units, check out our website. Have questions? Let us know.Self Storage: Helping Homeowners Stay Homeowners by Michael James