When you leave Family Sharing, your Apple ID is removed from the family group and you won't have access to any services shared by your family. This might include an Apple Music family membership or a shared iCloud storage plan. You stop sharing locations with your family members and your devices are removed from the family Find My iPhone list. If your family shares iTunes, iBooks, and App Store purchases, you immediately stop sharing your purchases and lose access to the purchases made by your other family members.
Any content that your family shared with you isn't automatically removed from your device. You can purchase it again or remove it to free up space on your device. If you downloaded an app from a family member’s purchase history and made In-App Purchases, you'll need to purchase the app yourself to access your In-App Purchases.
Any DRM-protected music, movies, TV shows, books, or apps that you previously downloaded from other family member's collections are no longer usable, and other family members can't use content downloaded from your collection.
You'll keep any purchases you initiated while part of the family group. However, if the organizer was paying for ongoing subscriptions, you need to start paying for them yourself using a valid payment method on your account. Learn how to add a credit or debit card to your iTunes Store account.
If you share a photo album, calendar, or reminders with family members, you won't share them anymore. If you want to keep using Family Sharing but not share certain features with your family, you can unsubscribe from them instead in the Photos, Calendars, or Reminders apps on your device or on iCloud.com.
You asked: "...What happens to my data? Do I get a chance to buy storage or does it vanish?..." It doesn't vanish, you just won't have access to it any more. However, you won't lose data you brought with you to the plan - if you are sharing your album so they can see it, the album is still yours to keep. On the other hand, if you were viewing their album, it will 'vanish'.