Here are some big money blind spots you need to avoid, advisors say

Managing one’s personal finances can seem like a hodgepodge of never-ending checklists and rules of thumb.

With all sorts of financial considerations vying for attention — budgeting, saving, paying off debt, buying insurance, being savvy shoppers — consumers may inadvertently overlook some important nuggets.

Here are some of the biggest financial blind spots, according to several certified financial planners on CNBC’s Digital Financial Advisor Council.

Consumers often don’t understand the importance of their credit score, said Kamila Elliott, CFP, co-founder and CEO of Collective Wealth Partners based in Atlanta.

The score impacts how easily consumers can get a loan — like a mortgage, credit card or auto loan — and the interest rate they pay on that debt.

The number generally ranges from 300 to 850.

Credit agencies like Equifax, Experian and TransUnion determine the score using a formula that accounts for factors like bill-paying history and current unpaid debt.

Lenders are generally more willing to give loans and better interest rates to borrowers with credit scores in the mid- to high-700s or above, according to the Consumer Financial Protection Bureau.

Let’s say a consumer wants a $300,000 fixed mortgage for a 30-year term.

The average person with a credit score between 760 and 850 would get a 6.5% interest rate, according to national FICO data as of April 1. By comparison, someone with a score of 620 to 639 would get an 8.1% rate.

The latter’s monthly payment would cost $324 more relative to the person with a better credit score — amounting to an extra $116,000 over the life of the loan, according to FICO’s loan calculator.

Wills are basic estate planning documents.

They spell out who gets your money after you die. Wills can also stipulate who will take care of your kids and oversee your money until your children turn 18.

Planning for such a grim event isn’t fun —…