Personal Financial Statement Template For Well-Tailored Report

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What Is Personal Financial Statement?

The personal financial statement is a spreadsheet document about the individual financial statement which explains the current status of the assets and liabilities. As it is named the personal spreadsheet, then it doesn't include any business report. However, you can use this method for your business need as long as you keep it separated. Therefore, you can use our personal financial statement template on this page for your business need.

Breaking Down The Financial Statement

The personal financial statement is divided into two parts; assets and liabilities which will be noted in the separated column. The assets will be on the right statement containing funds and value of securities. This will include the savings, retirement balances, real estate until the trading account. Meanwhile, the liabilities will be about unpaid taxes, mortgages,credit card balances and also the personal loans.

There is a reason why the business-related liabilities and assets couldn't be included with the personal financial statement because it is not owned by the individual. Certain things like furniture, property and also the household cannot be sold to pay the loan. Except for the valuable property like jewelry, antique stuff and whatsoever, you can put it in there.

When Do I Need a Personal Financial Statement?

Reporting your cash flow with the personal financial statement will give you some benefits. For example, this can help you in presenting the business plan for a loan request to the lender. Usually, a lender will ask your personal financial statement which this helps them to get the personal guarantee or it is also called as the collateral loan. Besides, this personal financial statement can help the lender make a clear decision and see your financial health which is this will not only affect to the fund they can lend but also help you avoid loan burden at the future.

How To Use The Personal Financial Statement Template?

Actually, the format of the personal financial statement template is so simple with the assets are put on the left, while the liabilities are on the right. Meanwhile, the net worth will be on the right as well as the balance equation.

Even though the personal financial statement seems enough to proof your financial status, but many lenders will also ask your document ownership as well as the liabilities. This is the important thing you should remember when you are lending some fund.

Meanwhile, speaking about the tidiness of your report, you can simply download our personal financial statement template for free on this page. Additionally, if you want to prepare your financial statement, make sure you also have the supporting records so they will process the lending faster.

Lastly, you need to be accurate, honest and complete when writing a document.

The use of personal financial statement is mostly used for individual who wants to apply for credit whether it is a mortgage or a loan. In taking a decision, there will be some factors they are considering, so this is not only limited to the report. They will track your financial statement and measure how you handled certain problems related to the money.

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