A storage device for holding a drain plug for a boat is disclosed. The storage device provides a place to store the drain plug when it is removed from a drain hole for the boat. The storage device includes a reminder system using an emergency stop lanyard (ESL) present on nearly all powerboats. The storage device holds both the ESL and the drain plug. The storage device is designed so that the ESL cannot be removed without first removing the drain plug. Thus, an operator cannot start a boat's engine without first removing the drain plug from the storage device to gain access to the ESL, allowing the ESL to be refitted onto an operating system for the boat's engine. The act of handling the drain plug reminds the operator to re-install the drain plug into the drain hole.