How Much Does a Delayed Decision Cost?

Have you heard the phrase, “clutter is the result of delayed decisions?” Sometimes delaying decisions about possessions results in small piles of clutter. They might only be an occasional annoyance. Other times, though, they can take an enormous financial toll.
 
Can you put a financial cost on delayed decisions? Absolutely. How about thirty-nine and a half billion dollars?
 
You might now know that the self-storage industry is enormous. Perhaps you have even seen enjoyable treasure hunts on Storage Wars. According to sparefoot.com, the storage industry is now worth $39.5 billion. That number is staggering. It is nearly 40 billion dollars, much of which is the result of delayed decisions.
 
If that number feels too big to be relevant, maybe three thousand, ten thousand, or twenty thousand dollars would feel different? If one only focuses on a monthly fee, those numbers might seem far-fetched. They are real, though: many well-intentioned individuals initially plan to rent units for a few months. Months fly by and unobtrusively turn into years. Many individuals reach out to me when the fees reach those numbers.
 
Storage units are not inherently bad. They can be excellent solutions for temporary situations. Temporary storage, though, does not sap finances the way that long-term rentals can. In helping individuals close their storage units, I’ve noticed a few patterns that stymie them many times over:
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1. “Out of sight, out of mind” comes into play.

1. Although it is a vastly important project, emptying a storage unit can get pushed to the bottom of the task list because it is usually not urgent.

1. The thought of closing a storage unit might feel like a Herculean task, even for the most determined individuals.

 
How many times have we forgotten overstock items housed in cabinets above refrigerators, in garages, and basements? It is easy to do. It is hard enough to check the pantry before we run to the store. Looking on garage shelves after checking the pantry sounds like a good idea but often does not happen because it takes too long.
 
Telescope this “out of sight, out of mind” effect to an off-site storage facility. It takes even more time to gather items from a storage unit. They are definitely not in sight and easily out of mind. 
 
In other instances, individuals are painfully aware of those monthly fees. Still, they pay attention to other urgent tasks, even those that might not be important. (It can be tough to focus on non-urgent yet important tasks when so many urgent tasks compete for our attention.) Also, it is not as if the storage unit is going anywhere. It patiently waits. Once a month, it very quietly whispers, “Hey, I’m here”: the monthly fee unobtrusively appears as a small line item on recurring financial statements.  
 
Regardless of whether a storage unit is mostly “out of sight, out of mind” or naggingly present at the corners of our consciousness, it can feel overwhelming or downright exhausting to think of emptying it.
 
Sometimes units become flooded, and we wince at the thought of discovering items damaged beyond repair. It is often daunting to think of downsizing sentimental items, whether reminders of past passions, hobbies, careers, relationships, or deceased loved ones. Sometimes it is painful to realize that the items are not nearly as expensive as the units that house them. These distressing thoughts can make it easy to delay the decision-making process and keep the storage units indefinitely. It is no wonder that seemingly innocuous metal boxes, tucked away in hidden corners of cities and suburbs, rake in billions of dollars every year.
 
Clients call me when they are fed up with taking the monthly financial hit. They are frustrated but also tired at the mere thought of starting. The effort is worthwhile, though. It is exciting to witness clients walk up to the self-storage office, plunk their locks on the counter, and proudly state, “I’d like to close my storage unit.” I can almost see the weight lifting from their shoulders. Not only have they stopped spending cumulatively large sums of money, but they have plans regarding how to use the re-acquired funds.
 
Even though it can be eye-opening and sometimes painful, calculating the total cost of the delayed decisions is a valuable exercise. It can be motivating to then think of all the better ways to use those funds.
 
You may be one of the millions of Americans who had the best of intentions when opening a storage unit. Initial months turned into multiple years. It does not have to stay that way, though. You, too, can be one of the many who feel that rush of excitement as they tell the front desk staff, “Hi. I want to close storage unit number 509, please.”