The more images and videos we capture and import, the easier it is to need a higher-capacity iCloud storage plan if we also use iCloud Photos for syncing. With Family Sharing, you can potentially save a modest to significant sum each year by pooling storage across two or more people.
iCloud storage comes in just four tiers: the free 5GB level available to all iCloud users, and then paid tiers of 50GB, 200GB, and 2TB, which cost $0.99, $2.99, and $9.99 per month in the United States.
Family Storage lets you pool 200GB and 2TB plans among the up to six members that can be in a Family Sharing group. (I have often wondered if Apple knows larger families.) While it’s pooled, access remains fully restricted to each member: you can’t see the files of other family members.