Personal Financial Statement Template

There are many tools on the world wide web that can aid us in our personal financial lives.  Microsoft has many templates that may be utilized to organize our lives and to help you Run Your Life Like a Business.  One basic item that every adult should know how to construct is a personal financial statement.  For purposes of this article, I am speaking of a “Net Worth” or “Balance Sheet” statement, not a “Income Statement” or “Profit and Loss” statement. 

As an individual, and similar to a business, you (and your family) own things and owe money to people/companies.  You own things (simply), such as cash, investments, cars, houses, personal property, etc.  You owe money to people/companies such as personal loans, mortgages, car loans, student loans, credit cards, etc.  Writing this all down in a statement format will help you understand where you and your family are financially.  You may be surprised when you get it all down on paper that you owe more than you own – this is not a good situation to be in.  A negative net worth situation can lead to a quick bankruptcy case if certain events occur, such as a job loss or other significant event. 

There are many tools out there for people to use, but see below for a link to an Excel personal financial statement template to get started.  You may want to consider tracking all of your personal financial transactions using computer software or certain websites, such as www.mint.com.  We have renewed our love for www.mint.com and will be writing as to why this is the case very soon.

Click here for Personal Financial Statement template.