Saving Strategies For a New Home Purchases

by Jacqui Zuzgo 04/25/2021

Image by Nattanan Kanchanaprat from Pixabay

Preparing to purchase a home? It’s time to get your finances in order. Although this is an exciting time, you’d be surprised to learn how much a new home purchase can leave you strapped for cash. Saving for your home can get you prepared to have money for your down payment and a discretionary fund to cover any additional expenses that may come up you haven’t anticipated. Here are a few tips for saving for your new home:

  • Budget
  • Creating a monthly budget will help you see what you spend money on and where you can cut unnecessary expenses out.

  • Stash your savings
  • Put every penny you save in an account that is hard to withdraw money from. You can use another savings account for other things, but this one should be off-limits.

  • Automate it
  • Your savings should automatically come out of your paycheck or withdraw from your checking account. By doing this, you’ll get used to not having that money while building your nest egg.

  • Bank any excess
  • If you got a refund from a rebate or something else unexpected, take the time and send that money to the savings stash.

  • Downsize
  • In order to get fully ready to move into a home, you may have to downsize your place to save money. Saving 20% of your rent to go towards the home fund is helpful and commendable.

  • Additional work
  • Taking on side jobs while you’re saving will help you get the amount you are trying to save in your pocket a little bit faster. This extra money can help pay down bills and save at the same time.

  • Cut retirement giving
  • Until you save the amount you would like to use for your down payment and other incidentals, cut the automatic payments into your retirement account. Once you have achieved the amount you would like to save, restart your automatic withdrawal.

    This can be a tedious process, especially if you aren’t used to saving. Confide in someone close to you to keep you accountable. This person is someone who won’t tempt you with going out to eat or meeting to catch the latest sales. You can also make it a goal you share with everyone, and they all start saving for something special too. It’s a process so cut yourself some slack when you’re feeling as if you could be saving a lot more, or you slipped up. If eating out was your thing, buy the ingredients at the store and cook a gourmet meal, or if you went to the movies, subscribe to a streaming service instead.

    You’ll put yourself in the position to get your home sooner than you think while adopting habits you can continue to use throughout the year.

    About the Author

    Jacqui Zuzgo

    I have been a REALTOR® in Massachusetts since 1984 and hold both a salesman and broker license. I am currently affiliated with Five College REALTORS® located at 190 University Drive, Amherst, MA. Over my career, I have consistently been a Top Producer in the Pioneer Valley and have gained a reputation for being a strong-minded, no-nonsense negotiator in the industry. I also frequently rank highly on Boston’s Top 20 for sales in Western Massachusetts. Some of my best qualities include my listening and communication skills. I have time and again proven to work well under pressure with exceptional attention to detail. My commitment to my clients and professionalism is obvious in every transaction.

    Representing both buyers and sellers in Hampshire and Franklin Counties, as well as assisting in relocations throughout the United States and globally has helped me embrace the need for quality performance and develop an acute and sincere sensitivity to people's needs. Honing in on what matters most is almost a sixth sense. Communication and awareness of the situation at hand produce a final result that has undoubtedly led to the large referral business I maintain.

    Education has been a theme throughout my 30 years of experience. Well versed in technology and holding key designations have proven to be assets to my performance and dedication to the Real Estate field. My never-ending enthusiasm, availability, knowledge and drive make for a seamless transaction every client, every time.

    I am a native of the Pioneer Valley. I am committed to sharing all the area has to offer in making your transition, whether long distance or short, a satisfying experience.


    • University of Massachusetts, Amherst - Bachelor of Science 1983
    • Top Individual Seller for Residential Sales in the Pioneer Valley since 2006.
    • #1#1 Realtor in the entire Franklin/Hampshire Counties for Millions Sold since 1999.
    • Highest producer in sales since 2004 in Franklin/Hampshire Counties.
    • ABR®– Accredited Buyer's Representative
    • CRS – Certified Residential Specialist (only 3% of REALTORS® hold a CRS)
    • e-PRO – Digital Marketing, Certified e-PRO Realtor®
    • GRI – Graduate, Realtors® Institute
    • SRES– Seniors Real Estate Specialist®

    Biographical Highlights:

    Life long, active member of the community, born & raised in the Pioneer Valley. Graduate of University of Massachusetts, Amherst, BS 1983.

    Current Committee Involvement:

    Member of the local Chamber of Commerce - Post Board of Director's member Volunteer for the Road to Recovery.

    Greenfield Community College Foundation Board Member 

    Greenfield Savings Bank Corporator

    MLS Professional Standards Committee Member

    Have a question for Jacqui? Jacqui's email: [email protected]