The average household carries $137,063 in debt, while the median household income is less than $60,000, according to data from the Federal Reserve and U.S. Labor Department. While it's easy to get into debt, it can be hard to get out. Here are five tips personal finance experts recommend to lower your debt burden:

Part of financial planning is having a good sense of how much it will cost to replace your possessions when they break down or wear out. But many of the big-ticket consumer products may cost more to replace and wear out sooner than you think.

New parents have their work cut out for them. Not only are they dealing with lost sleep, they also face the extra cost of raising a child. At least there are a lot of potential tax breaks available to them. Check out this list and share it with any new parents you know.

Summer used to be a time to unwind and make minor tweaks to your annual tax plans. But a tidal wave of new tax laws changes all that. Now, more than six months after the passing of the Tax Cuts and Jobs Act (TCJA), taxpayers are still experiencing anxious uncertainty.

We’re here to help you navigate the uncharted waters of the new and modified tax laws, and give you straightforward answers about how the changes will affect you. The choices you make today will determine whether you’re in a position to sink or swim when tax season arrives.

Sadly, it usually takes hard-won experience and costly mistakes to really internalize good financial advice. Here are some of the top five things we all wish we knew and followed earlier in life: