Personal Templates

Personal Financial Statement Template For Everyone

Personal Financial Statement Template For Everyone


The Personal Financial Statement Template is a balance sheet and income and expense statement that serves as a planning tool that is essential to develop and monitor the personal financial plan.

The template is our navigational tool to guide you to your destination as it helps to measure our financial condition so we can establish realistic financial goals and evaluate our progress toward the goals. Knowing how to prepare and interpret personal financial statements is a cornerstone of personal financial planning. A personal budget is a good example of a short term financial statement.

They are two types of personal financial statement template – the balance sheet and income and expense statement. The balance sheet describes our financial position – the assets you hold, less the debts we owe, equal our net worth (the general level of wealth) – at a given point in time.

This planning tool helps you track the progress you are making in building up your assets and reducing your debt. We should prepare our personal balance sheet at least once a year, preferably every 3 to 6 months. In the sheet, we will list all of our current and long-term assets and liabilities; and calculate the net worth.

Download 4 Budgeting Excel Templates Here

In contrast, the second type of personal financial statement template – income and expense statements measure financial performance over time. It can be used to record any income we earned, at the same time, it tracks the expenses that we made.

You can define them in a given period, for instance, it can weekly, monthly or yearly. We use this tool to compare our actual expenses and purchases with the amounts allocated and then take action to change any discrepancies which found between the actual amounts as well as the budgeted amounts. The statements tool can help us to control our current and future expenses and purchases so we will have enough funding for our financial planning.

Whether you are just starting out and have a minimum net worth or are further along the path toward achieving your goals, your balance sheet and income and expense statement provide insight into your current financial status. You now have the information you need to examine your financial position, monitor the financial activities, and track the progress you are making. Good recordkeeping is important to help you manage and control your personal financial affairs. With organized, up-to-date financial records, you will prepare a more accurate personal financial statement template.

Prepare your personal financial statement template at least once each year, ideally when drawing up your budget. Many people update their financial statements every 3 or 6 months. You may want to keep a financial record book to summarize all your financial transactions. The book has sections for assets, liabilities, various types of income, and all the expenses; these sections will be separated into different accounts for an individual item.

Whenever any accounts are updated, the ledger entry will be changed as well. Start your financial planning now, download the free personal financial statement and personal financial statement example from Microsoft and Google websites.

Download 4 Budgeting Excel Templates Here

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