Personal Financial Statement Templates: Plan Your Future

You must have heard about personal financial statement templates. Now you are wondering what the fuss is all about.

Let me tell you a little secret. These templates are a great help for anyone who wants to take ownership and control of their finances. They are nothing but game-changers.

Imagine having a self-explanatory snapshot of your financial condition all in one place. Nothing less than empowering. You become aware of your finances and can easily manage them and work toward the future.

Who does not want to be masters of their money? You can easily prove it by knowing where you stand financially.

The fast-paced life of today demands that everyone be financially stable. However, many are unable to manage their finances. 1 in 3 people struggle to manage their financial information.

That’s where personal financial statement templates lighten the load and provide a holistic understanding. They give you clarity on your assets, liabilities, and financial blueprint – all in one place.

Statistics show that these templates are more than fancy spreadsheets. 68% of individuals who regularly use personal financial statement templates feel more in control of their finances.

That’s a significant impact.

So, if you’re serious about taking charge of your financial future, these templates are your new best friend. Stick around. Let’s find out why personal financial statement templates are a game-changer for anyone seeking financial peace of mind.

Table of Content:

1. What is a Personal Financial Statement?
2. Why Do We Need a Personal Financial Statement?
3. When Do You Need a Personal Financial Statement?
4. What’s Included in a Personal Financial Statement?
5. Personal Financial Statement Templates
6. Advantages of a Personal Financial Statement Template
7. How to Create a Personal Financial Statement With Example?
   • Step #1 Arrange Your Data
   • Step #2 Install ChartExpo in Excel
   • Step #3  Search and Select Chart
   • Step #4 Create Chart From Selection
   • Step #5 Customize Your Personal Financial Statement
   • Step #6 Your Personal Financial Statement Look Below
8. Common Mistakes To Avoid Creating Personal Financial Statements
9. Tips For Maintaining & Using Your Personal Financial Statement
10. FAQs About Personal Financial Statement Template
11. Wrap Up

First…

What is a Personal Financial Statement?

Definition: A personal financial statement is a document that outlines an individual’s financial position. It provides a snapshot of assets, liabilities, and net worth.

• Assets include cash, investments, real estate, and personal property.
• Liabilities encompass debts and obligations such as mortgages, loans, and credit card balances.
• Net worth is calculated by subtracting total liabilities from total assets and represents the individual’s wealth.

Personal financial statements are essential for evaluating financial health and planning future goals. They also facilitate data-driven decision-making about budgeting, saving, and investing. They can also be used when applying for loans, mortgages, or other financial products.

Lenders often require this information to assess the ability to repay debt. Keeping accurate and up-to-date personal financial statements is crucial for managing finances effectively and achieving long-term economic stability.

Video Tutorial: How to Create a Personal Financial Statement Template

How to Analyze Personal Financial Statements Template in Excel?

How to Analyze Personal Financial Statements Template in Google Sheets?

How to Analyze Personal Financial Statements Template in Power BI?

Why Do We Need a Personal Financial Statement?

How is a personal financial statement helpful? A personal financial statement clearly shows your financial health and helps you make smart financial decisions. Here’s why you need it:

• Financial planning: A personal financial statement is the basis for all financial planning. You can calculate the value of all your assets, understand your total debt, and calculate your net worth. This helps you take steps to meet your short-term and long-term financial goals.
• Budgeting: Creating a realistic budget hinges on understanding your money flows. Personal financial statements offer insights into cash flow patterns, aiding in effectively preparing and monitoring your budget.
• Asset protection: It’s essential to understand how much of your assets are exposed to risk and keep them protected. Personal financial statements pinpoint sources of risk. Then, you can adopt appropriate defenses to protect assets from potential risks such as lawsuits or creditors. Or to weather unexpected financial stress.
• Tax planning: Personal financial statements provide valuable information for tax planning purposes. Analyzing income, investments, and deductible expenses helps to optimize tax strategies, minimize tax liabilities, and maximize tax efficiency.
• Wealth management: Managing wealth always starts with understanding one’s financial standing. Personal financial statements help reflect investments’ performance and identify the portfolio’s degree of diversification. As a result, you can allocate assets and reconsider investment initiatives effectively.
• Retirement planning: Planning for retirement is highly reliant on your financial statement. The statement compares current assets, liabilities, and projected needs at retirement. The comparison indicates whether you are on track to hit your retirement goal. Such comparison leads to modifications in savings, investments, and retirement contributions, which ensures a good retirement life.

When Do You Need a Personal Financial Statement?

A personal financial statement is needed when applying for loans, making investment decisions, or planning your finances. It provides a clear overview of your assets, liabilities, and net worth, helping lenders, investors, or legal advisors assess your financial stability. It’s also useful for tracking your financial health and setting goals.

What’s Included in a Personal Financial Statement?

The factor of a personal financial statement encompasses various components that provide a holistic view of your financial position. Let’s explore each factor in detail:

• Assets

Assets include all your resources, such as cash, investments, real estate, and personal properties. They are divided into liquid and non-liquid assets, including tangible and intangible assets. Tracking assets helps you understand your overall wealth and financial capabilities.

• Liabilities

Liabilities are the total amounts you owe, such as mortgages, loans, credit card balances, and other outstanding payments. Recording your debts correctly is important. It helps you understand how much debt you have and can afford.

• Net Worth

This is calculated as the difference between total liabilities and total assets. It is used to measure wealth, indicating how financially healthy one is. Positive net worth shows that assets are more than liabilities. Negative net worth implies that liabilities surpass assets or have debts greater than your assets.

• Expenses

Expenses are the cash spent on living costs, utilities, vehicles, debt payments, and other regular or discretionary costs. Monitoring expenses is essential for budgeting, identifying overspending areas, and managing cash flow.

• Budget

A budget sets out how much you expect to earn and spend over a specific period. It is a way to forecast where future money will be spent. You can also see if there are any problems with your funds going where you want them to. It will also allow you to check that you are paying for essentials, savings, and debt repayments. Or wasting money on unnecessary purchases.

• Financial Goals

Your financial goals are the specific things you hope to achieve in the long or short term. These can include having an emergency fund for unplanned expenses, purchasing a home, saving for retirement, etc. Personal financial statements help you track how close or far you are from reaching these objectives.

• Credit Score

A credit score is a numerical representation of your credit history and financial performance. Credit scores influence loan approvals, interest rates, and access to financial services. Monitoring your credit score and making necessary changes is crucial for maintaining a healthy financial condition.

Personal Financial Statement Templates

• Net Worth Statement

This template outlines your assets (e.g., savings, property) and liabilities (e.g., mortgages, loans) to calculate your net worth. It’s useful for understanding overall financial health.

• Income and Expense Report

Tracks monthly income and expenses to provide a detailed view of cash flow. This template helps in creating budgets, setting savings goals, and identifying unnecessary spending habits. It’s ideal for managing personal finances effectively and ensuring you stay on track with financial goals.

• Loan Application Statement

Designed for presenting financial details to lenders, this template provides a comprehensive view of your financial standing. It includes detailed asset and liability breakdowns, income sources, and current debt obligations. A well-prepared statement can improve your chances of loan approval by showcasing financial stability.

• Investment Portfolio Summary

This template focuses on assets like stocks, bonds, mutual funds, or real estate investments. It provides insights into your portfolio’s allocation, risk levels, and performance trends. By using this template, you can make informed decisions to balance your investments and maximize returns.

• Debt Management Worksheet

Organizes all your debts, including payment schedules, interest rates, and total balances. This template helps prioritize debt repayments, manage multiple loans efficiently, and avoid missed payments. It’s especially useful for developing strategies to reduce debt faster, such as the snowball or avalanche methods.

Advantages of a Personal Financial Statement Template

1. Saves Time: Pre-designed templates streamline the process of organizing and presenting your financial data.
2. Provides Clarity: It simplifies complex financial details, giving a clear view of assets, liabilities, and net worth.
3. Enhances Accuracy: Built-in formulas and structured layouts reduce errors in calculations.
4. Tracks Progress: Helps monitor changes in your financial health over time and measure progress toward goals.
5. Facilitates Decision-Making: Offers a ready reference for making informed financial decisions, securing loans, or planning investments.

How to Create a Personal Financial Statement With Example?

Are you struggling with data analysis? You’re not alone. Tackling personal financial statement templates in Excel can be as fun as a root canal. That’s where data visualization steps in as the hero we need.

Sure, Excel is excellent for numbers. But visualizing your financial data in Excel is similar to fitting a square peg into a round hole.

Enter ChartExpo – the solution to Excel’s lackluster visual capabilities. With ChartExpo, analyzing your financial data becomes more than staring at rows and columns. It transforms those numbers into meaningful, easy-to-understand visuals that even Excel would envy.

So, get started with ChartExpo today and turn your financial data from bland to grand.

Let’s learn how to install ChartExpo in Excel.

1. Open your Excel application.
2. Open the worksheet and click the “Insert” menu.
3. You’ll see the “My Apps” option.
4. In the Office Add-ins window, click “Store” and search for ChartExpo on my Apps Store.
5. Click the “Add” button to install ChartExpo in your Excel.

ChartExpo charts are available both in Google Sheets and Microsoft Excel. Please use the following CTAs to install the tool of your choice and create beautiful visualizations with a few clicks in your favorite tool.

Step #1 Arrange Your Data

Locations	Revenue	Profit & Cost	Details	Amount
North America	Revenue	Expenses	Cost of Sales	109310
North America	Revenue	Expenses	Salaries	28278
North America	Revenue	Expenses	Cost of Marketing	76772
North America	Revenue	Profit	Tax	147231
North America	Revenue	Profit	Profit After Tax	713117
Asia	Revenue	Expenses	Cost of Sales	122371
Asia	Revenue	Expenses	Salaries	127010
Asia	Revenue	Expenses	Cost of Marketing	72919
Asia	Revenue	Profit	Tax	161953
Asia	Revenue	Profit	Profit After Tax	692948
Middle East	Revenue	Expenses	Cost of Sales	153080
Middle East	Revenue	Expenses	Salaries	93339
Middle East	Revenue	Expenses	Cost of Marketing	182517
Middle East	Revenue	Profit	Tax	78101
Middle East	Revenue	Profit	Profit After Tax	453762
Middle East	Revenue	Expenses	Maintenance

Step #2 Install ChartExpo in Excel

• Choose ChartExpo from My Apps, then click Insert.

Step #3  Search and Select Chart

Step #4 Create Chart From Selection

Step #5 Customize Your Personal Financial Statement

• If you want to have the chart’s title, click Edit Chart, as shown in the above image.
• Click the pencil icon next to the Chart Header to change the title.
• It will open the properties dialog. Under the Text section, you can add a heading in Line 1 and enable Show.
• Give the appropriate title of your chart and click the Apply button.

• Let’s add the $ sign to the numerical values. Click the highlighted icon to open the “Symbols” properties, then add the desired prefix. In this case, the $ sign.

• To hide the nodes with zero values, toggle the “Show zero value” option in the “Link” properties.

• Under the Link property, there is an opacity option to adjust the opacity of links. For now, let’s increase the opacity from 0.3 to 0.5.

• To change the node color, click the pencil icon available with the node. Expand the Node properties and change color from the Node Color property. Click on the Apply button.
• Once you are satisfied with the look of your chart, click the “Save Changes” button to save it.

Step #6 Your Personal Financial Statement Look Below

Insights

• In the first level (Places), Asia contributed the largest revenue, amounting to $1.18M, representing 37% of the total. The Middle East generated the lowest revenue, totaling $960.8k, representing 30%.
• In Level 2 (Revenue), the total revenue amounted to $3.21 million.
• In Level 3 (Profit & Cost), costs represented 30% of the total revenue, which equaled $965.6k. Conversely, the total profit of $2.25 million earned by the company accounted for 70% of its revenue.
• Level 4 (Details) shows that Taxes and Profits were $387.29M and $1.86M, respectively, out of the total $2.25M profit.
• Costs were divided into three categories:
• The total expense for sales equaled $384,760.
• The total amount of money incurred in salaries was $248.63K.
• Marketing expenses totaled $332.21K.

Common Mistakes To Avoid Creating Personal Financial Statements

1. Omitting Key Information: Leaving out assets or debts gives an incomplete financial picture.
2. Overvaluing Assets: Inflating asset values can misrepresent your true net worth.
3. Ignoring Debt Details: Not including smaller debts or loan terms can lead to inaccurate statements.
4. Using Estimates Instead of Actuals: Approximate figures reduce the reliability of the statement.
5. Failing to Update Regularly: An outdated statement doesn’t reflect your current financial health.

Tips For Maintaining & Using Your Personal Financial Statement

1. Update Regularly: Review and update your financial statement at least quarterly to reflect changes in assets, debts, and income.
2. Be Accurate: Use exact figures for assets, liabilities, and expenses to ensure reliability and better decision-making.
3. Set Financial Goals: Use the statement to track progress toward savings, investment, or debt-reduction goals.
4. Plan for Emergencies: Monitor liquidity to ensure you have adequate emergency savings.
5. Leverage for Decision-Making: Use it to evaluate investment opportunities, secure loans, or create a long-term financial plan.

FAQs About Personal Financial Statement Template

How do you create a personal balance sheet?

To create a personal balance sheet:

1. List assets such as cash, investments, and property.
2. Identify liabilities like loans, mortgages, and credit card debt.
3. Calculate net worth by subtracting liabilities from assets.
4. Update regularly for an accurate financial assessment.

How do I create a personal income statement in Excel?

To create a personal income statement in Excel:

1. Open Excel and create a new spreadsheet.
2. Label columns for income sources and expenses.
3. Input your income and expense amounts.
4. Use formulas to calculate totals and net income.
5. Review and update regularly for accurate tracking.

How do I fill out a personal financial statement for SBA?

To fill out a personal financial statement for SBA:

1. Obtain the SBA personal financial statement form.
2. Provide accurate information about assets, liabilities, and income.
3. Include details such as bank accounts, investments, debts, and sources of income.
4. Sign and date the statement before submission.

Wrap Up

A personal financial statement template is vital in managing finances effectively. It provides a comprehensive snapshot of your financial standing, encompassing assets, liabilities, income, and expenses. This holistic view lets you understand your financial health and make informed budgeting, saving, and investing decisions.

Secondly, personal financial statement templates aid financial planning by facilitating goal setting and tracking progress. They outline financial goals and regularly update the statement. Therefore, you can assess progress towards achieving objectives such as purchasing a home or planning for retirement.

Thirdly, lenders often require this information when evaluating loan applications. Why? It provides insight into an individual’s ability to manage debt and repay loans. A well-organized and accurate statement can enhance your chances of securing favorable loan terms and interest rates.

Moreover, personal financial statement templates promote accountability and discipline in managing finances. Routinely updating the statement and comparing actual financial data to budgeted amounts helps identify areas of overspending. You can track trends and adjust your financial habits to stay on track toward your goals.

Conclusively, personal financial statement templates are indispensable for individuals seeking to take control of their finances and achieve financial stability. They provide clarity, organization, and structure to the often complex and daunting task of managing personal finances.

Do not hesitate.

Start using the personal financial statement template with ChartExpo to gain greater control over your financial future.