{"id":286943,"date":"2016-04-04T10:41:53","date_gmt":"2016-04-04T15:41:53","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/bankruptcy\/debt-relief\/sample-personal-financial-statement.html"},"modified":"2024-05-24T12:08:12","modified_gmt":"2024-05-24T17:08:12","slug":"sample-personal-financial-statement","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/bankruptcy\/debt-relief\/sample-personal-financial-statement.html","title":{"rendered":"Sample Personal Financial Statement"},"content":{"rendered":"\n
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Sample Personal Financial Statement<\/h1>\n
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\n By Amy Vandervort-Clark, J.D.<\/a> | Legally reviewed by Susan Mills Richmond, Esq.<\/a>\n | Last updated\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

Most household budgets are dynamic, constantly changing, and subject to unexpected disruptions and expenses. How do you know your household’s financial health at any given point? If you want to see a snapshot of your finances at a particular time or track fluctuations in the value of your assets or level of liabilities and net worth, you should create a personal financial statement.<\/p>\r\n

To help you begin the process, we offer a sample template for a personal financial statement below.<\/p>\r\n

What Is a Personal Financial Statement?<\/h2>\r\n

A personal financial statement is a document that gives a detailed picture of your personal finances. It usually has a balance sheet and an income flow section.<\/p>\r\n

This statement has two main components: assets and liabilities. Assets include income, securities, and properties, while liabilities refer to debts, unpaid bills, and overdue taxes.<\/p>\r\n

The Importance of Using Personal Financial Statements<\/h2>\r\n

Each time you make a financial statement, you create a snapshot of your financial situation at a particular time. You can use a financial statement to track goals like retirement or pay off debts such as medical bills or personal loans. A personal financial statement can help when applying for a mortgage. You must file a similar document if you need to apply for bankruptcy.<\/p>\r\n

To watch fluctuations in your finances, you may prepare financial statements periodically, such as monthly, and compare statements. You can also use these financial statements to experiment with different budgetary options<\/a> and to plan for certain possible outcomes.<\/p>\r\n

How To Make a Personal Financial Statement<\/h2>\r\n

You can use a standard form to create a personal financial statement. Usually, assets appear on the left and liabilities on the right. Your net worth is on the right side of the statement. Before making a financial statement, gather information on your finances, including:<\/p>\r\n