How do people decide between maintaining information in short-term memory or offloading it to an external reminder? How does this affect subsequent memory? This article presents a simple model based on two principles: A) items stored in brain-based memory occupy its limited capacity, generating an opportunity cost; B) creating an external reminder incurs a small cost, due to the physical action required, but capacity is effectively unlimited. These costs are balanced against the value of remembering, which determines the optimal strategy. Simulations implementing these principles reproduce multiple empirical findings from studies of cognitive offloading, including: 1) increased offloading rate for high-value items, or when there is a higher memory load; 2) ‘Google effect’: offloading an item reduces brain-based memory for that item; 3) ‘saving-enhanced memory’ or ‘cognitive spillover’: offloading can improve memory for non-offloaded items; 4) effects of offloading on value-based memory: participants preferentially offload high-value items and store additional low-value items in brain-based memory. These simulations support an opportunity cost model of cognitive effort, which can explain why internal memory feels effortful but external reminders do not. Overall, results show that value-based decision-making can provide a simple unifying account of multiple findings from the cognitive offloading literature.