Moneywise - April 2026

moneywise

By StatePoint

Refinancing a home can be a smart move – if you time it well and understand the factors involved.

Refinancing means replacing your current mortgage with a new one, and doing so will result in a new rate, term and monthly payment. While refinancing does have some upfront costs, taking this step could improve your financial situation.

Reasons to refinance

Even small differences in mortgage rates can have a big impact on your monthly payment.

Some of the best times to consider refinancing include:

• When mortgage rates are lower than the rate of your current mortgage. Even small differences in mortgage rates can have a big impact on your monthly payment, and the total

cost of your loan.

• When your financial situation has improved and you can secure a loan with a shorter term to build equity in your home faster.

• When your adjustable-rate mortgage is adjusting upward and you want to convert to a fixed-rate mortgage for the security of consistent payments.

• When you’ve built up significant equity in your home and could use the money from a cash-out refinance for home improvements or to improve your financial situation. With a cash-out refinance, you’re refinancing your mortgage for more than you currently owe. In return, you’re getting a portion of your equity back in cash.

By StatePoint

Have you ever lamented how much of your earnings go to taxes? One way to ensure that more of your money benefits you and your future is by making strategic contributions to tax-advantaged savings accounts.

By opening and contributing to a Health Savings Account (HSA) and Individual Retirement Account (IRA), you can substantially reduce your taxable income. Not sure if these accounts are right for you? Consider these insights from Fidelity: HSAs

An HSA is an account that can be used to pay for qualified medical expenses, including copays, prescriptions, dental care, contacts and eyeglasses, bandages, X-rays, and a lot more. It’s “tax-advantaged” because your contributions reduce your taxable income; the money isn’t taxed while it’s in the account, even if it earns interest or investment returns; and as long as you use your HSA funds for qualified medical expenses, you won’t owe taxes when you take money out of the account. This triple-tax advantage is powerful, but it’s not the only reason why HSAs are so popular. Unlike a

Strategic ways to reduce your taxable income

By opening and contributing to a Health Savings Account (HSA) and Individual Retirement Account (IRA),

reduce your taxable income.

flexible spending account, an HSA is not “use-it-orlose-it,” meaning it doesn’t need to be spent within a certain timeframe. If you don’t need the money in your HSA for current medical expenses, you can save and invest it until you do, and even take the account

with you when you leave an employer. Just keep in mind that to open and contribute to an HSA, you’ll need to be enrolled in an HSA-eligible health plan.

IRAs

An IRA refers to a

tax-advantaged account designed to help you save for retirement on your own, independent of an employer. There are several types of IRAs, but when people say “IRA” alone, they often mean a traditional IRA. That’s a type anyone

with earned income can open and contribute to.

Traditional IRAs allow you to save on income taxes now and pay them later in retirement, when you could be in a lower tax bracket and therefore owe less in taxes. Fidelity estimates that you may

need 55% to 80% of your pre-retirement income in retirement. Because an employer-sponsored savings plan might not be enough to accumulate the savings you need due to annual contribution limits, investing through an IRA could help you save more for the future. Before opening an IRA, check out a few different firms that offer them. Find out whether they offer helpful support and a user-friendly experience, plus whether they charge any fees or minimums. Then, once the account is open, decide how much you want to contribute and how often.

“Setting up automated contributions can make saving for retirement into a habit that requires very little effort,” said Rita Assaf, vice president, Retirement at Fidelity. “It’s also a good idea to regularly check your asset mix to see if it is still a good fit for your goals, risk tolerance and time horizon.” For additional financial resources and insights, visit https:// www.fidelity.com/learning-center.

With a smart strategy that involves directing your income into tax-advantaged accounts, you can build more wealth for future needs and wants.

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Smart savings strategies that can help you to retire early

By Kyla Pollard, Group Manager, Retail Banking Commerce Bank

Early retirement is more attainable than many people realize. With steady habits and careful planning, it’s possible to build a nest egg that lasts for decades. These seven strategies can help you get started:

1. Calculate your retirement number. Add up what you spend each month, multiply it by 12 to get your yearly spending, then multiply that number by 25 to esti-

Refinancing

Key factors to consider

Although refinancing your mortgage could save you money in the long and short term, it isn’t free. The total cost to refinance your mortgage will be determined by your lender, credit score and location. As a general rule, you can expect to spend 3-6% of your loan principal on a refinance.

A quick check to see if refinancing makes financial sense for you is to calculate how long it will take to recoup the costs of the refinance. To do this, take the total cost associated with the refinance and divide it

mate how much you may need for retirement. This number can be adjusted to account for a longer retirement, rising healthcare costs, inflation and taxes.

2. Pay off highinterest debt. Highinterest credit cards and loans make it harder to save for longterm goals. Listing debts by interest rate and paying off the highest one first helps reduce financial strain and frees up more money for retirement savings.

3. Increase the sav-

by your monthly savings.

Note that this model will not work for cash-out refinances or if you are refinancing to reduce the term of your loan. You’ll also want to consider when you plan to move, and whether you’re going to significantly extend your loan term. For example, if you have 20 years left on your 30-year fixed-rate mortgage and you refinance into a 30year fixed-rate mortgage, you’ve essentially extended the term of your loan and will pay more interest over the life of the loan. You should work closely with a lender to discuss options that fit your goals. You can refinance through your existing lender or a new lender. What’s most important is that the lender

ings rate. Growing the percentage of each paycheck set aside for retirement can make a meaningful difference over time. Automating transfers and directing part of any bonus or tax refund toward savings can help accelerate progress, while still allowing room to enjoy life today.

5. Invest for longterm growth. Choosing an investment mix that aligns with personal goals, timeline and comfort with risk is essential. Risk tolerance

4. Use retirement accounts. Accounts such as 401(k)s, IRAs and Roth IRAs offer tax advantages that promote longterm growth. A taxable investment account can also serve as a bridge for anyone who retires before being eligible to withdraw from retirement accounts penaltyfree.

you choose is trustworthy and offers competitive rates and terms.

Crunch the numbers

To determine how much it will cost you to refinance your mortgage, and how much money you can save by doing so, lean on free online resources. Freddie Mac’s tools and refinance calculators can help you estimate payments, compare options and ultimately evaluate whether refinancing aligns with your financial goals. Visit My Home by Freddie Mac at myhome.freddiemac.com to access these resources. When it comes to refinancing, timing is everything. Before taking this step, ensure it’s the right move for you now.

may shift over time, often beginning with more growth-focused investments and gradually moving toward more stable options as retirement nears.

6. Plan for healthcare costs. Healthcare is often one of the largest retirement expenses, especially for those who retire before Medicare begins at age 65. Researching insurance options early and factoring these costs into your overall plan can prevent surprises later.

7. Review the plan

yearly. Regular checkins help ensure progress stays on track. Life changes — such as raises, job transitions, family needs or health shifts — can all impact a retirement strategy. Updating spending assumptions and longterm goals each year helps keep the plan aligned. Early retirement becomes more attainable with flexibility, consistency and intentional planning. Commerce Bank can provide you support in developing a retirement strategy that supports a range of goals.

Study reveals consumers are redefining the American Dream

By StatePoint

A new study exploring the relationship between Americans and their mon ey, reveals how emerging technologies and shifting attitudes are changing money habits.

The 2026 Wells Fargo Money Study, now in its third year, explores how Americans are thinking, feeling and taking action with their money. The findings reveal consumers are adopting new strat egies, looking to have greater confidence when making financial decisions, and being more thoughtful about their spending. Here are some of the report’s top findings:

Defining the American Dream

Americans, especial ly younger generations, view entrepreneurship as a pathway to autonomy. The majority of adults polled, 61%, say owning a busi ness is part of the Amer ican Dream. Even more, 69% of Gen Z adults, share that belief.

Of those who don’t own a business, 74% of Gen Z adults and 58% of Millennials want to someday, with the majority saying that doing so would allow them to control their own destiny. That control though comes with some downside. A majority of business owners report using personal savings, personal credit or home eq uity to fund their business.

An ongoing study, now in its third year, has revealed consumers are adopting new strategies, looking to have greater confidence when making financial decisions, and being more thoughtful about their spending.

“The desire to own a business reflects a grow ing belief that success is defined on one’s own terms. While entrepreneur ship can offer freedom and flexibility, it also comes with financial risk, which is why preparation, resilience, and informed decision‑making matter more than ever,” said Em ily Irwin, head of Private Wealth Planning at Wealth & Investment Manage ment.

Gen Z faces financial pressure

Forty six percent of Gen Z respondents de scribe their financial lives as messy, and many say they are postponing plans such as relocating, getting married, education and ca reer changes. This financial pressure extends beyond young adults themselves,

with 64% of parents of the 18 28 set saying their chil dren rely on them finan cially, whether for money, housing or other support. At the same time, Gen Z is increasingly turning to nontraditional sources for financial information, such as YouTube, Instagram, TikTok and online commu nities.

“As young adults

lean on both family and nontraditional sources for support, open communi cation, clear expectations, and shared planning can help families navigate this stage together,” said Irwin.

Using AI for good, but with caution

A growing number of Americans are eager to

try out new technology, like Artificial Intelligence, when managing finances, however experts wonder if respondents know enough to use AI to their advan tage.

Nineteen percent of U.S. adults say they have used artificial intelligence in the past year for ideas or education about their mon ey. Among Gen Z adults, that percentage doubles.

Most consumers using AI say they turn to it to better understand potential financial moves, identify new ideas, and weigh risks and rewards. Two‑thirds have acted on suggestions generated by AI, and of that subset, 90% say those ideas were profitable or worthwhile.

“Technology can spark ideas and build awareness, but it works best when paired with a solid finan cial foundation, trusted guidance, and an under standing of how those insights apply to real life goals,” said Irwin. Other study findings include a reported increase in savings and invest ments over the past year, increased intentionality about spending, continued employment concerns, and a widespread apprecia tion for banking apps and rewards programs.

For more information, visit https://www.wellsfargo.com. Wealth & Investment Management offers financial products and services through bank and brokerage affiliates of Wells Fargo & Company.

Money talks: Why it’s time to break the silence

By Orvin T. Kimbrough Chairman & CEO, Midwest BankCentre

Author, Twice Over a

Man, More Than

a

Conqueror, and Ward and the State

My 20-year-old son doesn’t shy away from asking about money. He’s been curious since he could talk — always the kid with a thousand questions. He wants to know about the mortgage, how much we owe, what I earn, and why I invest in angel deals, private companies, or public markets.

Recent-

ly, after haircuts and over breakfast at my favorite Waffle House in Lemay, MO, he even asked how much equity I hold in the bank I lead and what kind of investment it takes to sit on corporate boards.

At his age, I didn’t just not have those conversations — I didn’t have anyone to ask. Money felt abstract to me, like a concept that existed in other people’s worlds but didn’t fully connect to my own. The few times it came up were during life skills courses I took in foster care. Even then, it felt distant — like reading a manual for a tool I’d never held.

I recently came across a stat that floored me: over 60% of people avoid talking about money with family, friends, or their spouse. That hit home. I thought back to my fundraising days, theology school, and working with clergy early in

my career. It struck me that even clergy — people trained to guide others through life’s most personal and painful moments — often aren’t equipped to have honest conversations about money.

Why is that?

Money is as essential as air and water. It’s the infrastructure of our lives — the roads we drive on, the electricity that powers our homes, and the pipes that keep everything flowing. Yet, we treat it like a secret — something to avoid, even as it shapes nearly every part of life.

I’ve decided that won’t be the case in my house. I regularly talk to my kids about what I call the Treasures and Traps of Money.

The Treasures – The good side of money: saving, investing, giving, and using it as a tool to create opportunities.

The Traps – The habits and mindsets that quietly sabotage financial health:

Impulsive Spending –Letting emotions drive purchases instead of planning.

Debt without Strategy –Borrowing without a plan or understanding the long-term cost.

Comparison Culture – Measuring success by someone else’s life, leading to unnecessary spending.

Short-Term Thinking –Prioritizing instant gratification over long-term growth, missing out on compounding wealth.

I remind them: Money isn’t something to hoard — it’s something to manage,

grow, and share. It’s not about chasing more — it’s about making intentional choices that shape the life you want.

But none of that happens without conversation.

Why Don’t We Talk About It?

I believe we avoid money conversations because we often tie finances to self-worth. When things are good, we feel validated. When they’re not, we feel shame.

But here’s the truth: Money is not your identity. It’s a resource. The more we learn to manage it, the less power it holds over us.

Three simple ways to start talking about money (Without the awkwardness):

Be Open About Your Journey – You don’t need all the answers. Sharing your wins and lessons makes the topic relatable and real.

Start Small – Ask questions within your network like, “What’s one thing you wish you learned about money earlier?” or “What’s a financial habit you’re proud of?”

Frame Money as a Tool, Not a Taboo Money isn’t the goal; it’s a means to build security and create opportunities. Focus on what’s possible, not what’s limiting. So, when was the last time you had an honest conversation about money?

Maybe today’s the day to start. For more, visit OrvinKimbrough.com or MidwestBankCentre.com

Paying for college with confidence

By StatePoint

If you’re the parent of a college-bound student, you’ll soon be receiving financial aid award letters. Making sense of these letters and planning your next steps can help you navigate the years ahead. Among the nearly 90% of parents in a College Ave survey who say they helped or planned to help their child pay for college, 68% were confident they had a good payment plan. To help ensure you can say the same for yourself, it’s really important to nail down the details. Once the financial aid award letters arrive, Angela Colatriano, chief operating officer at College Ave, says to take the following steps:

Compare the offers. Each letter might present information a bit differently. Getting an apples-to-apples look at the offers is critical. You can calculate the net direct cost of each school by subtracting offered scholarships and grants from the cost of attendance (tuition, room, board, textbooks and fees). If applicable, you can subtract work-study aid too. You should also factor in expected annual increases in tuition, room, board and other fees.

Understand how federal borrowing has changed. The One Big Beautiful Bill (OBBB), signed into law last year, brings important changes to federal financial aid. While some provisions expand flexibility, including Pell Grant use and student loan rehabilitation opportunities, it also places new federal loan limits on par-

ents and graduate students. Families who might be considering federal loans to cover remaining costs may need a new approach and funding plan. It’s important to be mindful of these new changes and annual borrowing limits so there are no surprises down the line.

Look for more scholarship opportunities. Beyond federal and institutional financial aid, outside scholarships can help you meet college costs. Ask your student’s high school counselor and visit online sites like bigfuture.collegboard.org and scholarships. com to find relevant opportunities. One easy and simple scholarship your student can apply to again and again in mere moments is the College Ave Scholarship Sweepstakes, which awards $1,000 to a lucky winner each month.