Fillable Form Personal Financial Statement

What is a Personal Financial Statement?

A Personal Financial Statement is a document, a set of documents, or a spreadsheet that summarizes an individual’s financial position at a given point in time. Furthermore, this document shows what an individual’s net worth is. A Personal Financial Statement can also be used by married couples by combining their total assets and liabilities.

To determine the total net worth of individuals, they must subtract their total liabilities from their total assets. If the total net worth turns out to be positive, that means an individual has more assets than liabilities. On the other hand, if a person’s net worth turns out to be negative, that means he or she has more liabilities than assets; but as time passes, an individual’s net worth may fluctuate because of the value changes of his or her assets and liabilities.

Keeping a Personal Financial Statement will be able to help an individual be able to keep track of his or her financial health. By constantly updating and monitoring your Personal Financial Statement, you will be able to see if your financial health is improving or deteriorating as time passes. In certain cases wherein you want to change your financial situation or apply for a loan or mortgage, you may be able to avoid unnecessary inquiries on your credit reports or having your credit applications declined if you know where you stand financially as a consumer.

Although a person’s income and expenses may be included in a Personal Financial Statement, this type of information is usually entered on a separate spreadsheet or document called an income statement.

A Personal Financial Statement usually contains general information about an individual. This information includes the following:

• Your full legal name
• Contact number
• Residence address
• City
• State
• ZIP code

It also lists all of the available assets and liabilities an individual may have. These assets and liabilities may include the following:

• Assets
  • Cash in the bank and on hand
  • Cash in other institutions
  • Accounts and notes receivables
  • Real estate
  • Securities on broker
  • Stocks and bonds
  • Savings account
  • Life insurance
  • Other assets
• Liabilities
  • Accounts payable
  • Notes payable
  • Mortgage payable
  • Tax payable
  • Loan payable
  • Installment accounts
  • Other liabilities

On the other hand, a Personal Financial Statement should not include the following information:

• Your assets and liabilities which are related to business - Your business-related assets and liabilities can be excluded from your Personal Financial Statement unless you are directly and personally responsible for it. If you happen to personally provide your creditor a guaranteed loan for a certain business or if you happen to be participating in a cosigning, that certain loan will be included in your Personal Financial Statement.
• Any items you have rented - All of the things and materials you have rented should not be included in your Personal Financial Statement—this is because the items you have rented are not owned. On the other hand, if you own a certain property and decide to have another party rent it out, then the value of your property must be included in your Personal Financial Statement.
• All of your personal properties - your personal properties, such as your furniture, household items, and the like, are normally not included in an individual’s Personal Financial Statement. This is because your personal properties cannot be sold that easily just to pay off a certain loan. But in cases wherein your personal property is of significant value, like certain types of jewelry or antiques, you may be able to include them in your Personal Financial Statement as long as you have an appraisal to prove the worth of your personal items.

How to fill out a Personal Financial Statement?

To fill out a Personal Financial Statement, you must provide the following information:

Name

Enter your full legal name.

Contact Number

Enter your contact number.

Address

Enter your residence address.

City

Enter your city.

State

Enter your state.

ZIP Code

Enter your ZIP Code.

Date

Enter the current date.

Review Period

Enter the review period for your Personal Financial Statement.

From

Enter the starting date.

To

Enter the ending date.

Assets

Enter the names of all of your assets and their worth in U.S. dollars.

Cash in bank and on hand

Enter the worth of your cash in banks and the cash you have on hand in U.S. dollars.

Cash in other institutions

Enter the worth of your cash in other institutions in U.S. dollars.

Accounts and Notes Receivables

Enter the worth of your accounts and notes receivables in U.S. dollars.

Real Estate

Enter the worth of your real estate in U.S. dollars.

Securities on Broker

Enter the worth of your securities brokers, securities, or commodities in U.S. dollars.

Stocks and Bonds

Enter the worth of your stocks and bonds in U.S. dollars.

Savings Account

Enter the worth of your savings account in U.S. dollars.

Life Insurance

Enter the worth of your life insurance in U.S. dollars.

Other Assets

Enter the worth of any other assets you may have in U.S. dollars.

Total Assets

Enter the total amount of all of your assets in U.S. dollars.

Liabilities

Enter the name of all of your liabilities and enter their worth in U.S. dollars.

Accounts Payables

Enter the worth of your accounts payables in U.S. dollars.

Notes Payables

Enter the worth of your notes payables in U.S. dollars.

Mortgage Payable

Enter the worth of your mortgage payables in U.S. dollars.

Tax Payable

Enter the worth of your tax payables in U.S. dollars.

Loan Payable

Enter the worth of your loan payables in U.S. dollars.

Installment Accounts

Enter the worth of your installment accounts in U.S. dollars.

Other Liabilities

Enter the worth of any other liabilities you may have in U.S. dollars.

Total Liabilities

Enter the total amount of all of your liabilities in U.S. dollars.

Total Net Worth

Enter the total amount of your net worth by subtracting your total liabilities from your total assets.