A personal financial statement is a document that outlines an individual’s financial position at a specific point in time. It includes a summary of assets, liabilities, and net worth, giving a clear view of where someone stands financially. People use it for tasks like financial planning, loan applications, or sharing their financial details when required. The statement brings together key information such as bank balances, investments, real estate, and outstanding debts in one place. This template is designed to make it easier to put your personal financial statement together from start to finish.
How to Prepare a Personal Financial Statement
A personal financial statement is usually divided into three main parts: assets, liabilities, and net worth. Here are quick steps to guide you through preparing your financial statement.
Step 1: Enter Personal Information
Start by filling in the basic information at the top of the template. This identifies who the statement belongs to and when it was created.
- Full name
- Date of the statement
- Mailing address
- Spouse’s name (if applicable)
Step 2: List Your Assets
Assets are the things you own. Each type is listed separately in the template. Use the most recent figures available when filling in these values.
- Checking Accounts: Add up all checking account balances and write the total.
- Savings Accounts: Combine all savings account balances.
- Certificates of Deposit (CDs): Enter the total value of any CDs.
- Investments: Include stocks, mutual funds, and bonds based on their current market value.
- Receivables (Loans Owed to You): Add any personal loans you’ve given that are expected to be paid back.
- Personal Property: Estimate the value of items like vehicles, jewelry, or collectibles.
- Real Estate: Use the fair market value of any properties or land you own.
- Life Insurance (Cash Surrender Value): Only include policies that have cash value.
- Retirement Accounts: Enter balances from 401(k), IRA, pension, or similar accounts.
- Other Assets: Include anything not listed above, such as business ownership or valuable items.
If you have $5,000 in a checking account, a $12,000 car, and a $150,000 house, list each in the correct row and include their totals in the “Total Assets” field.
Step 3: List Your Liabilities
Liabilities are the amounts you owe. The template includes separate lines for each type of debt.
- Credit Card Debt: Add up balances from all credit cards.
- Student Loans: Write the total amount you still owe.
- Auto Loans: Enter the unpaid balance for car loans.
- Real Estate Mortgages: Include what’s still owed on any mortgage.
- Outstanding Notes/Promissory Notes: Record any debts related to signed agreements.
- Other Liabilities: Include unpaid bills, back taxes, or personal loans.
If you owe $2,000 on a credit card and $100,000 on a mortgage, record each in its row. Add everything up and place the total in the “Total Liabilities” field.
Step 4: Calculate Net Worth
Net worth is the difference between what you own and what you owe. The template includes space to show this calculation.
- Formula: Net Worth = Total Assets – Total Liabilities
If you listed $220,000 in assets and $160,000 in liabilities, your net worth would be $60,000.
Step 5: Review and Sign the Certification
Once the statement is filled in, read the certification at the bottom.
- Confirm all information is accurate
- Sign your name
- Print your name
- Enter the current date
Step 6: Complete Attachment A – Asset Details
Use Attachment A if you want to include more detail about your assets.
- List each institution (e.g., bank or brokerage name)
- Include account numbers if needed
- Enter the current balance for each
If you listed $10,000 in savings, you could show this as $6,000 at Bank A and $4,000 at Bank B.
Step 7: Complete Attachment B – Liability Details
Attachment B is used to provide more information about the debts listed earlier.
- List each lender
- Write a short description of the loan
- Include the amount still owed
If your mortgage is $120,000, you can show the lender’s name, type of mortgage, and the balance.
FAQs
A personal financial statement shows your financial position by listing everything you own and everything you owe. It is often used when applying for loans, preparing for financial discussions, or reviewing your overall financial condition.
Yes. This template is designed for individual use. It records personal assets, liabilities, and net worth. It does not track business accounts or income and expenses.
Yes. If assets or debts are shared, they can be included. There’s a field in the template for a spouse’s name, which makes it easier to show joint ownership where applicable.
Net worth is calculated by subtracting total liabilities from total assets. The template includes space to write totals for both and a final section to show the result.
It’s optional. Account numbers can be included for reference, especially if the document is being submitted to a financial institution. However, they are not required for personal recordkeeping.
This personal financial statement template and the information provided in this post are for general informational purposes only and should not be considered financial or legal advice. Always consult with a qualified professional for advice specific to your financial situation. The accuracy of the completed statement depends on the information you provide.
