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In cellular networks, the proactive storage at caching-enable BSs is an efficient way to reduce traffic load of backhaul links. In this paper, we investigate the storage allocation problem with network coding. By decomposing the NPhard problem, we propose a low-complexity storage allocation to solve two subproblems in an iterative way. Combining a heuristic initial allocation scheme and the iterative process, we can obtain the storage allocation result very close to the optimal solution. The convergence of the proposed algorithm is proved and its computation complexity is analyzed. The simulation results evaluate the performance of the proposed algorithm, which has graceful performance degradation on total storage with much lower complexity.