To balance convenience with security when managing passwords, individuals can utilize password managers. These tools allow users to generate and store complex, unique passwords for each account while only needing to remember one master password. This enhances security by reducing the risk of using the same password across multiple accounts. Additionally, enabling multifactor authentication adds an extra layer of security without sacrificing too much convenience. By combining strong, unique passwords with multifactor authentication and regular backups of important data, individuals can strike a balance between convenience and security in password management.