Free Personal Financial Statement Template

A Personal Financial Statement template can be defined as a spreadsheet or a document that outlines the financial position of an individual for a particular period of time. This spreadsheet generally includes personal as well as financial information of an individual like his name, address, breakdown of overall assets and liabilities, total income and expenses, and so on.

This template can be immensely useful in tracking the individual’s overall wealth and the same is mostly taken into use when an applicant seeks to apply for a bank loan. It comprises of all the assets owned and liabilities owed by an individual. This statement may or may not include the income and expenses of an individual.

About the Template

The Personal Financial Statement Template comprises of the income statement and balance sheet of an individual where all his or her expenses borne and income earned along with the total of all his or her assets and liabilities are provided. This template of an individual also provides his or her general personal information like name, address, contact details, etc.

#1 – Income Statement

• The income statement of an individual signifies the inflows and outflows of money. The results of an income statement could be either net profit or a net loss.
• The net profit is earned by an individual when his or her total income exceeds his or her total expenses while the net loss takes place when the individual’s total expenses exceed his or her total income. The particulars of an income statement are divided into two segments- income and expenses.
• The expenses and income of an individual are recorded as and when they take place along with the value of the same. The personal income statement of an individual is prepared to evaluate his or her financial results for a particular period of time.
• The personalized income statement reflects the total amount of revenue that is generated along with the expenses that are incurred by an individual for a given period of time and the difference between the same will be termed as net profit or a net loss.
• The positive numbers would mean net profits while the negative numbers would ideally mean net losses. The income statement is based on a concept that states debit the expenses and credit the income earned.
• The revenue or income earned by an individual might come from sources like his or her salary, part-time income, bonus, dividends income, net investment income, interest income, dividend income, other investment income, other income, real estate income, capital gains and so on. The total of all this will be termed as total income.
• The expenditures of an individual, on the other hand, shall include services, groceries, personal insurance, grooming expenses, entertainment, conveyance expenses, fuel expenses, home rent, insurance, taxes, retail payment, credit card payment, car EMI, etc. The total of these annual expenditures would be regarded as total expenditures. The difference between total expenses and total income will be the net profit or net loss earned by an individual for that period.

#2 – Personal Balance Sheet

• The balance sheet of an individual can be really resourceful for learning about his or her current financial standing or well being. The balance sheet of an individual has two particulars- assets and liabilities.
• The asset side is used to record financial entries like cash in hand, cash in the bank, real estate, automobiles, savings account, notes receivable from business, retirement accounts, non-readily marketable securities, other assets, etc.
• The liabilities side of an individual’s balance sheet displays financial items like real estate mortgages, loans taken against mortgages, car loans, school loans, credit cards, unpaid taxes, other liabilities, etc.
• The total of all the assets and liabilities provided in the personal balance sheet of an individual must necessarily have equal balances. If the total of assets and liabilities mismatch then the individual will need to recheck if any entry has been missed or wrongly passed or if any amount is wrongly mentioned and accordingly redress the required changes.

How to use a Personal Financial Statement Template?

• The template provided above can be used by an individual where he or she can input all his or her personal details like name, contact number, address, time-period, etc. After filling up all the required information an individual can fill in the actual amount borne as expenses and earned as an income in the income statement account.
• Once all the entries are passed, he or she must total all the expenses and income and calculate the difference between the two and based upon the results derive whether he or she has earned a profit or a loss for that stipulated time period. Once the net income/loss for the period is ascertained, an individual must proceed with the balance sheet.
• He or she must provide the date and then proceed with filling up the actual figures of all sorts of his or her assets and liabilities. Once the figures are incorporated he or she must tally the total assets with that of total liabilities and accordingly check if the total of both the balances is the same or not. If the balance does not tally then he or she must recheck and make the necessary rectifications to ensure that the balance sheet is accurate.

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This has been a guide to Personal Financial Statement Template. Here we provide you with a free template to prepare the income statement and balance sheet of an individual. Also, you can download and use this template in Excel, Google Sheets or in CVS format.

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