Almost everyday there is a new story about how hackers broke into some companies database and stole all their users information. Very often that includes your email address and password. So when you use the same password for your online shopping as you do for your banking, the hackers might now have your login information for your bank.
You might think, identity theft happens to other people but not to me, but chances are your information is already out there. Have I Been Pwned is a great website to check if your email has been compromised in a data breach.
So what should you do? One of the first steps is to stop sharing the same password with multiple accounts and stop using easy to guess passwords.
But instead of trying to remember a whole bunch of different passwords, use a password manager like 1password. You only have to remember one password and it manages all the rest.