I previously believed that I had more control the more financial applications I had.

A single app for all banking needs. Another for investments. A man and a woman for cryptocurrency. A payment platform for everyday purchases. I think that's what prompted me to buy an additional one, as it was a better price at something.

None of these individually were problematic.

However, one day something bizarre occurs.

It's no longer about managing your money, it's about managing your apps.

I believe that more people are going through this than they know.

The “just one more app” problem

Access to the financial world has become very accessible.

This is what you can experience from your smartphone: open a bank account, buy stocks within minutes, transfer money between wallets, buy crypto, track your expenses and even invest spare money without having to visit a physical branch.

That sounds great.

And it is.

The issue begins when practicality becomes "fragmeantry.

Suppose you have 5 apps each with ₹20,000.Suppose you have 5 apps each with Rs 20,000.

You could have around ₹5,000 in your bank account, ₹4,000 in an investment platform, ₹3,000 in a crypto wallet, ₹5,000 somewhere else and the rest in payment apps.

In terms of the numbers, you still have ₹20,000.

In the mind, there are 5 separate piles of money.

That's where it will get complicated.

More accounts don't automatically mean more diversification

I believe this is a concept that is misunderstood.

It's nice to have cash in multiple locations from time to time. But simply opening more accounts doesn't necessarily make your finances better.

It is possible to have three crypto exchanges and be the same risk taker all the time.

It's possible for you to hold assets that are quite comparable in four investing applications.

It's possible to use six payment apps and not have the slightest idea of how much you're spending each month.

The more platforms you have, the worse financial management you are.

Sometimes, it's simply more passwords, more notifications, and more locations to examine.

The hidden cost isn't always money

But there is another expense that you will not see on your bank statement:

attention.

All financial applications desire you to open it.

Price alerts.

Market movements.

Special offers.

Cashback.

New investment opportunities.

“Don't miss out.”

Checking your finances after some time can start to feel like checking social media.

One app opens up due to Bitcoin moving.

Next one because your investment moved.Another because your investment underwent a change.

Then another, because there's an offer.

You now find yourself looking at numbers for 20 minutes without making any meaningful financial decision.

That's not necessarily financial progress.

It's nothing more than transactions.

Crypto makes this even more complicated

Crypto most likely offers one of the easier avenues to do so.

Exchanges, hot wallets, hardware wallets, DeFi platforms, bridges, staking platforms, and a myriad of new apps that offer some sort of opportunity.

The technology is very promising.

However, the more platforms you add the more you have to learn and remember.

And that's important.

When you have your money on several platforms, you're not burdened with distributing your responsibility.

It's still a matter of having to remember where everything is.

Even so, there are risks to be known.

There are still steps to take to protect your accounts.

And in the event that you suddenly don't remember what's in which wallet, you have a technology challenge.

Maybe the goal should be fewer, better tools

I'm beginning to believe that financial organization isn't about the apps that you're collecting.

It should be set-up to be easily comprehensible at a first sight.

For example:

A single location to pay for everyday expenses.

Clear system for long-term investments.

The right way to deal with crypto.

A very easy way to keep it all in check.

Everyone's set-up will be unique.

But the principle is the same:

If your financial system is so complicated that you need another app to understand it, something has probably gone wrong.

Do a “financial declutter”

I have a very easy exercise I recommend doing.

Take out your phone and check all of the financial apps you have.

Don't immediately delete anything.

Rather, pose three questions:

Why, why, why!Why am I using this app?

If you're unable to reply to that, then that is something to look into.

2. Use it – do I use it?

If you have something that you opened six months ago, it's probably not something you need to think about every day.

3. Is there another app that addresses this problem?

When two platforms are essentially performing the same function, perhaps you don't need both.

It is not just about keeping the number of apps to a minimum.

It's all about the simplicity.

The real flex isn't having 15 finance apps

Financial technology has made managing money incredibly accessible.

That's something we should appreciate.

But convenience can easily become clutter.

At some point, having more choices stops making life easier.

It just creates more things to monitor.

I'd rather know exactly where my money is than have it scattered across ten beautifully designed apps.

Because ultimately, financial freedom isn't about having access to everything.

It's about understanding what you already have.

And maybe the first step isn't downloading another financial app.

Maybe it's deleting the ones you don't need.

What do you think? How many financial apps are sitting on your phone right now? 👀

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